U.S. Senator Bill Cassidy (R-Baton Rouge) is urging members of Congress to address the exorbitant costs of flood insurance.
In a speech Tuesday night, Cassidy reflected on the deadly flood in Texas.The Republican said FEMA’s Risk Rating 2.0 has made it practically impossible for property owners to afford coverage, especially in coastal Louisiana.
“ We have another problem threatening the flood insurance program. It expires September the 30th. If we do nothing, every American enrolled in the National Flood Insurance Program, which is millions of Americans, we'll be without protection,” said Cassidy.
In February, Cassidy introduced the Flood Insurance Affordability Tax Credit Act to give eligible homeowners enrolled in the NFIP a 33% refundable tax credit as a way to defer the cost of flood insurance premiums.
Citing FEMA, Cassidy said nearly every parish and county in every state has experienced flooding over the last decade.
“When all Americans are affected, a federal response is necessary, and I want to work with President Trump and my colleagues to make flood insurance affordable again,” said Cassidy.
Cassidy said he’s working on a long-term NFIP reauthorization and reform bill to stabilize the program and to protect taxpayers and communities.
He pointed out that while FEMA assistance to repair homes may be available after a federally declared disaster, it usually only covers a fraction of the costs. Cassidy also highlighted some of the problems with Risk Rating 2.0, particularly for homeowners whose properties never flooded and those who have taken mitigation measures, yet are still forced to pay exorbitant flood insurance premiums.
Cassidy said if the NFIP is not renewed, millions will be left without protection before the next flood season begins.
“The national emergencies will not stop. The destruction will not end. The threat of flooding will not vanish. But your safety net will,” said Cassidy.
If the NFIP is not reauthorized by Sept. 30, no more policies can be written and existing coverage will not be renewed.
You can listen to Cassidy’s full address on his website.
