Week of June 2, 2008
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Coalition Looks at Gulf Coast Property Insurance Issues

A coalition of builders, Realtors®, bankers and insurance agents is being formed in Louisiana to address problems in the Gulf Coast region and along the East Coast with the availability of affordable property insurance at the federal level and to promote a more competitive insurance marketplace.

The Federal Natural Disaster Coalition is being organized by the Louisiana Bankers Association, Louisiana Realtors® Association, Louisiana Home Builders Association and Greater New Orleans, Inc.

Among its efforts, the coalition expects to be sharing information on federal proposals among members of the business community, developing a consensus on how the issue should be addressed and educating Congress about some of the unique insurance issues for residents of coastal states.

“There are many proposals for additional ways the federal government could address challenges still felt by Gulf Coast residents seeking affordable insurance,” said Donald Powell, federal coordinator for Gulf Coast rebuilding, when asked what was needed to achieve a federal insurance solution.

“These ideas have come from many different sources and cover the spectrum from highly invasive roles for the federal government to less invasive roles,” said Powell. “While I support a more free-market approach, I also believe that in order to make traction in Washington, Gulf Coast stakeholders, insurance carriers as well as policy holders, must drive additional efforts to address this issue with a clear plan guided by a common purpose and tangible objectives.”

Coalition organizers said that the primary purpose of the new organization will be to formulate this plan.

For more information, write to: Federal National Disaster Coalition, P.O. Box 14780, Baton Rouge, LA 70898; or e-mail Ken Ford at NAHB, or call him at 800-368-5242 x8228.

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