Rep. Bill Cassidy (R-La.) introduced legislation to protect homeowners from flood insurance rate increases on Monday.
Cassidy’s proposed amendment to the 2014 Homeland Security Appropriations bill would protect U.S. homeowners from proposed rate increases in the National Flood Insurance Program.
Cassidy’s home state of Louisiana has suffered from a large magnitude of tropical storms and hurricanes in recent years.
Congress passed the Biggert-Waters Flood Insurance Reform Act in 2012 to overhaul the National Flood Insurance Program. The new law set an aggressive timeline to increase flood insurance premium rates in order to make the NFIP solvent and ensure its long-term sustainability.
“Biggert-Waters made flood insurance accessible,” Cassidy said. “Yet, it’s being interpreted in a way that may make flood insurance unaffordable for some homeowners.”
The proposed amendment would ensure that no funds within the pending Homeland Security Appropriations bill will be used to implement section 207 of the Biggert-Waters law.
Section 207 ends current grandfathered NFIP rates for existing policyholders who are considered below the base flood elevation requirements of Flood Insurance Rate Maps that were issued after compliance had already been established with previous maps issued by the Federal Emergency Management Agency.
“Flood insurance is a national issue, it impacts communities across our country and we have a responsibility to protect homeowners from New Jersey to Louisiana,” Cassidy said.