Flood Insurance

Image source: Dave Granlund

While I don't usually talk politics at work, I do want to spread this information.  This coming year, flood insurance rates were going to change.  Some people would be severely impacted by the changes authorized, but our elected officials have a lot to say about that.

This past week Rep. Bill Cassidy, R-Baton Rouge, saw his amendment pass.  His amendment to the Homeland Security Funding bill passed the house 281-146 but still requires Senate approval to become law.  This is big news for homeowners, however this stay only last for three years.

Last year Congress reauthorized NFIP (National Flood Insurance Program) and made changes to how actuarial cost is displaced.  Where areas affected by previous incurrences and higher risk would have a higher  cost.  The authorizations called for new flood maps and allowed for rate increases of 20% per year.  Subsidized rates for homes built before 1968 would have also ended next year.

Bill Cassidy's amendment puts a hold on all these increases, so for right now its good news.  Senator Landrieu has the next push for Louisiana.  She has the opportunity as chairwoman of the Senate Appropriations Homeland Security Subcommittee to write Bill Cassidy's delay into the Homeland Security appropriations bill.

Contact your senator today!