Our friends at #FEMA are not the best at mathematics or costs analysis.
Having played ice hockey with Wharton MBA students and professors for years, I can come to the conclusion that you should not spend $1,470,000 for a home worth $183,000. Gee, am I smart!
One Biloxi, MS property valued at $183,000 flooded 15 times over a decade, costing the program $1.47 million. Another in Humble, TX. has resulted in over $2 million in flood payouts even though it was worth just $116,000.
Read about it by clicking here.
The solution to the overreaching, unjustified flood insurance price increases is not to get more from people that can’t afford it, but to reform the system, the agency and the politics.
The battle rages on today with the probable passage in the Senate but the House and POTUS have indicated as of now that the bill will not pass or be signed. Please share this with the media, friends, family…put pressure on your Congressperson and the White House to get the delay in Biggerts Waters approved soon!