US Senator Bill Cassidy (R)
The U.S. Senate Banking Committee will hear testimony today on the reauthorization of the National Flood Insurance Program. Senator Bill Cassidy said it’s an opportunity for Louisianans to tell Americans how unaffordable flood insurance has become.
“Biden’s Risk Rating 2.0 is crushing them and will crush people in any state that has a need for flood insurance,” said Cassidy.
He said the non-partisan Congressional Budget Office estimates that roughly 900,000 policyholders will drop out of the program over the next decade because of Risk Rating 2.0 mapping.
Cassidy said his National Flood Insurance Reauthorization Act of 2023 bill would cap premium hikes and offer means-tested discounts for those with excessive rate hikes…
“And does other things to make the program more affordable, more sustainable, and more accountable. It also ensures that people in Louisiana can afford to live in a place where they grew up and they don’t have to drop their flood insurance coverage in order to pay their mortgage,” said Cassidy.
The Republican said he’s hopeful the Senate Banking Committee will carefully review his legislation and…
“They will consider it’s something to pass and then we’ll get it through. Frankly, we’re in the last part of a second year of a Congress, and we may not have enough time for that but the very fact that the committee has heard it then prepares us next Congress to go all the way if you will, said Cassidy.
Cassidy said he’s also doing what he can to help lower auto and property insurance premiums. He said he’s meeting with Louisiana Insurance Commissioner Tim Temple during Washington Mardi Gras, to see what he can do on a national level to provide relief for policyholders in the Pelican State.
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