Wednesday, May 29, 2024

Cassidy Urges Congress to Keep Flood Insurance Affordable Amidst Louisiana Flooding Crisis

by BIZ Magazine

In the wake of devastating flooding across Louisiana, U.S. Senator Bill Cassidy took to the Senate floor demanding urgent action to ensure the affordability of the National Flood Insurance Program (NFIP). With premiums expected to soar by alarming rates, Cassidy emphasized the crucial role flood insurance plays in aiding families during such calamities.

“Last week, we saw terrible flooding in parts of Louisiana,” stated Dr. Cassidy. “Now, families in Louisiana are turning to FEMA and the National Flood Insurance Program to help lift them out of the hole that last week’s storms have left them in. Moments like this are why families have flood insurance.”

According to Cassidy, NFIP premiums in Louisiana are anticipated to surge by 234%, with some areas facing an astonishing 1,100% increase. Such hikes, he argued, render insurance unaffordable for many, exacerbating the challenges faced by flood-affected communities.

Highlighting the urgency of the situation, Cassidy reiterated his longstanding advocacy for flood insurance reform. He underscored the importance of protecting the 4.7 million American homes reliant on NFIP for post-flood recovery. Cassidy has consistently pressed Congress to take action, advocating for stability in premiums and introducing legislation aimed at reducing costs and improving the claims process.

Moreover, Cassidy called on the Biden administration to halt the implementation of Risk Rating 2.0, a move projected to further inflate NFIP premiums. FEMA’s own internal study suggested that this could result in a significant drop in policyholders, exacerbating the affordability crisis.

Cassidy’s efforts have garnered support from various quarters, including business leaders, community advocates, and local officials, who recognize the critical need to safeguard homeowners and businesses from exorbitant insurance costs.

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