Click on the above image to view the report
Submitted by United States Senator Bill Cassidy of Louisiana and Governor Jeff Landry
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) today released a new report detailing the current state of the National Flood Insurance Program (NFIP) and the issues that led to skyrocketing premiums for millions of homeowners. The report explains the historical developments that led NFIP to this moment, key findings following a thorough examination of the crisis, and next steps Washington must take.
“This report confirms what Louisiana homeowners already know—the National Flood Insurance Program is broken,” said Dr. Cassidy. “We must understand the problem to properly diagnose it and address it. This report clearly lays out why flood insurance premiums are out of control, but also why there is reason to hope.”
For over 50 years, Americans have relied on the NFIP for affordable flood insurance to protect them in case of a natural disaster or major flood. NFIP is often the only flood insurance option for many communities. However, skyrocketing insurance premiums caused by FEMA’s new risk assessment program, Risk Rating 2.0, have left many Louisianans with no way to protect their families and homes. Cassidy’s report found that Risk Rating 2.0 makes flood insurance unaffordable, puts the entire program at financial risk, and runs contrary to Congressional intent.
Click here to read the full report and here to read the one-pager.
Background
In January, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
Cassidy traveled St. Bernard Parish last year to talk with residents about their flood insurance premiums, resulting in the second episode of his series Bill on the Hill.
Over the last several months, Cassidy has delivered a series of speeches on the Senate floor calling for action on NFIP. Most recently, he demanded that Congress reauthorize and reform the program just before its authorization expired at the end of the fiscal year on September 30th.
