U.S. Sens. Bill Cassidy, M.D. (R-LA), John Kennedy (R-LA), Marco Rubio (R-FL), and Cindy Hyde-Smith (R-MS) recently introduced the NFIP Extension Act, which seeks to reauthorize the National Flood Insurance Program (NFIP) until Sept. 20, 2023.
“The White House needs to roll back their disastrous Risk Rating 2.0 system that is increasing rates for Louisiana families. In the meantime, we cannot let the National Flood Insurance Program expire and throw homeowners into the brink this hurricane season,” Cassidy said.
Cassidy previously issued a statement on the Federal Emergency Management Agency (FEMA) acknowledging an internal study determining implementation of Risk Rating 2.0 to the NFIP could cause 20 percent of policyholders to drop out of the program due to skyrocketing premiums.
Cassidy joined colleagues in introducing the Homeowners Flood Insurance Transparency and Protection Act, which would enable NFIP policyholders to maintain current rates until FEMA can meet accountability measures.
“The National Flood Insurance Program is a lifeline for many Floridians,” Rubio said. “We need to pass this legislation quickly so that no one experiences a lapse in coverage.”
Kennedy said Louisiana’s families rely on flood policies to aid when severe weather impacts wrecks homes and businesses.
“Between storms and flooding, I can’t express enough how important extending the NFIP is for my state, especially now that we’re in the middle of hurricane season,” Kennedy said.