Biz New Orleans, a leading digital and physical publication in the Greater New Orleans Region, has spotlighted CSFI’s platform and recent engagement around Risk Rating 2.0’s implementation.  The piece reiterates the need for increased transparency and affordability.

In the story, Michael Hecht, President & CEO of GNO, Inc. affirms, “There are solutions for both problems.  For transparency, it’s pretty obvious: open up the box. For affordability, there are a few things you can do. You can lower the annual increase limit from 18% to 9% so it goes slower. You can put some means testing on so that people who have lower incomes pay less. And you can cap the total cost of a policy relative to the coverage. In my mind, it should never exceed more than 1%. So if you have a $250,000 coverage package, which is the maximum, you shouldn’t pay more than $2,500. These kind of things would make this more digestible.”

In summary, Hecht says, “My message is that we should be concerned. However, we won 10 years ago, and I think we’re gonna win again this time. And under no circumstances should people drop their insurance. Because when you drop your insurance, you lose the grandfather protection. And then if you have to pick it up again, it’ll be at the full rate, not at the gradually increasing rate.”

To read the entire story, please visit Biz New Orleans online: https://www.bizneworleans.com/cajun-avengers-fight-for-flood-insurance-changes/.