Saturday, July 13, 2024

Senator Cassidy Addresses Rising Flood Insurance Costs in Roundtable with Louisiana Realtors

by BIZ Magazine

U.S. Senator Bill Cassidy, M.D. (R-LA), engaged in a crucial roundtable discussion with realtors today to tackle the escalating cost of flood insurance in Louisiana. The event, hosted by Louisiana REALTORS®, highlighted the high price of flood insurance as a significant obstacle to homeownership in the state.

“Realtors know better than anybody how to make a community successful,” said Dr. Cassidy. “One thing is affordable insurance. I am working to make flood insurance more affordable so that people can enjoy living in our great state.”

During a U.S. Senate Banking Committee hearing, Cassidy criticized FEMA’s Risk Rating 2.0 for causing some policy premiums to skyrocket by over 1,000%. He pointed out that, in some cases, homeowners’ insurance costs now exceed their mortgage payments. Cassidy emphasized that the National Flood Insurance Program (NFIP) is in an “actuarial death spiral,” with many policyholders abandoning their coverage due to affordability issues. He has introduced legislation to tackle these challenges and is striving to secure a long-term reauthorization of the NFIP in this Congress.

Cassidy has been vocal about this issue, delivering three Senate floor speeches that included testimonials from Louisiana residents who are dropping their flood insurance due to the prohibitive cost increases stemming from Risk Rating 2.0. He also recently introduced the HELPER Act, a bipartisan bill aimed at creating a first-time homebuyer loan program under the Federal Housing Administration. This program would assist law enforcement, teachers, and first responders in their fifth year of service to manage both their mortgage and insurance costs.

Louisiana REALTORS® President Norman Morris expressed gratitude for Senator Cassidy’s efforts. “Louisiana REALTORS® is grateful to be able to meet with Senator Cassidy on the importance of affordable and available flood insurance for all Louisianans,” said Morris. “If flood insurance becomes too expensive, Louisiana homeowners and businesses stand to lose. We need urgent action on flood insurance, and we certainly appreciate Senator Cassidy’s ongoing and persistent efforts to make flood insurance more affordable and available throughout Louisiana.”

Senator Cassidy’s participation in this roundtable underscores his commitment to addressing the flood insurance crisis and ensuring that Louisianans can maintain affordable coverage, thereby protecting their homes and businesses from the financial impact of flooding.

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