Despite the Biggert-Waters Flood Insurance Reform Act requiring a report on the state of the insurance market, there is little talk in Congress on what the most effective role for government should be to encourage more affordable and available insurance through the private market and protect taxpayers in advance of the next major storm. A sound and affordable homeowners insurance market is a critical foundation to better preparing for catastrophe in the nation’s most at-risk areas
If current trends are left unaddressed, homeowners in communities across the country will have limited to no options for the insurance needed to protect their property and their financial security.
One year after Sandy, it’s time to fortify our financial infrastructure before the next crisis.
A proactive, public-private partnership involving the insurance industry and the federal government will better protect homeowners, improve national preparedness and provide more responsible stewardship for the taxpayers’ dollars.
Adm. James Loy is senior counselor at The Cohen Group and co-chairman of ProtectingAmerica.org. He’s a former commandant of the U.S. Coast Guard and deputy secretary of Homeland Security under President George W. Bush.
Corrects characterization of Geneva Association report in fifth paragraph.