#shorts On 4/26/2023, Kennedy questions Tisler about FEMA high flood insurance in Banking
Kennedy: And more and more, uh, the mortgagee, the person loaning the money, requires the homeowner to carry flood insurance. Yet, while you are here advocating, as we all are, for affordable housing, our federal government, through FEMA, is uh, is working as hard as it can to increase the cost of flood insurance. Uh, FEMA hired a company called Milliman to write a new algorithm, which Milliman says can look at every individual home in the United States and predict its flood risk over the next 30 years. Amazing! There’s this one problem; they won’t share with anyone the algorithm. And as a result of that algorithm, uh, national flood insurance costs have gone- I’ll give you the national figure- from 808 bucks to 1,808 dollars. Now, I’ll give you some concrete examples in my state. We call counties parishes. Saint Mary Parish, the median household income is 40,000, roughly. The new flood insurance rate in Saint Mary Parish is 5226 dollars a year. As a result of FEMA’s actions, they’ve done include homeowners. That didn’t include property taxes. That doesn’t include liability insurance. That’s flood. Now, how can you build an affordable home for someone when they have to pay half of the cost of the home when you add up all this insurance they have to carry?

Tisler: Uh, Senator, I can’t speak to FEMA because I don’t know how they arrived at that,

Kennedy: yes. But I guess that was an unfair question. Why aren’t the three of you… I’m not criticizing you, you know, I’m making this a gentle suggestion. Why don’t you take a look at what FEMA’s doing to the cost of building an affordable home in America? Because you’re not going to have any. There’s no… There’s no free lunch and you don’t get one now. I mean, they’re making it impossible to build affordable housing in America. And I think the three of you, respectfully, ought to take a look at that and the impact on affordable housing in our country.

other clips of this published longer video is here: https://youtu.be/QXWpYRjgJUg
FEMA hired Milliman to write a new algorithm, national flood insurance costs from $808 to $1808