While last Friday’s update focused on the work we’ve done to provide funding for flood recovery in eastern Kentucky, several legislative committees met as we continue to prepare for the regular session of 2023. I get a lot of positive feedback on these reviews and want to continue sharing what the Legislature has on its agenda. I hope you will find a few moments to read and let me know if you have any questions or want additional information.
Bank and Insurance: Committee members discussed recent recovery and cleanup efforts with the Kentucky Farm Bureau (KFB) and the Department of Insurance. KFB has about 5,000 claims worth $52 million in losses from the July floods. Although many affected Kentucky residents are insured, traditional policies do not include flood coverage. KFB projects only 1-2.5% of affected families had flood insurance.