Senator Mike Chaney, Republican nominee for Insurance Commissioner, contacted the entire Mississippi congressional delegation this morning urging their support for HR 3121, U.S. Rep. Gene Taylor’s Flood Insurance Reform and Modernization Act.

“I support HR 3121.” said Chaney.” “Today, I am again calling on our delegation in Washington to support this important legislation. It is imperative that we pass it to allow for a rapid, cost effective recovery from natural disasters.

Chaney went on to say, “Over 53% of the population in the United States currently lives near a coast line. This represents $15 trillion dollars of domestic infra-structure. When a hurricane strikes, private insurance companies don’t want to pay if there is a dispute over water verses wind damage. This places the nation at risk for complete economic loss.”

Chaney went on to say, “HR 3121 creates a seamless wind/water policy, it is actuarially sound, and it will save tax payers money by reducing the amount spent on FEMA trailers, rent support, and other recovery efforts after a disaster.”

“Unfortunately, it’s just a matter of time before we are faced with another natural disaster. We need insurance and governmental emergency models that can handle disasters in a rapid, cost effective manner. Homeowners and businesses have to have insurance, period. We’ve got to make insurance affordable, reliable and available – because people whose lives have been devastated by a storm shouldn’t have to hire a lawyer and an engineer to get back on their feet again.” concluded Chaney.

Mike Chaney Campaign Release
9/26/7