You are here:HomeIssuesFlood Insurance2013Louisiana Schedules Public Meeting on NFIP Rates

Louisiana Schedules Public Meeting on NFIP Rates

Louisiana’s Senate and House Insurance Committees have scheduled an October 23 meeting to discuss measures that can be taken to help property owners who are facing soaring flood insurance premium increases...
October 24, 2013

Louisiana’s Senate and House Insurance Committees have scheduled an October 23 meeting to discuss measures that can be taken to help property owners who are facing soaring flood insurance premium increases. Changes in the National Flood Insurance Program (NFIP) under the Biggert-Waters Flood Insurance Program Reform Act of 2012 (BW-12), intended to make the program financially sound, could mean rate hikes of up to 4,000 percent on some Louisiana homes and businesses. There are nearly 500,000 flood insurance policies in effect in the state, and an estimated 18,000 of them reportedly will see an immediate impact. Among those scheduled to attend the hearing are Insurance Commissioner Jim Donelon, coastal parish presidents, representatives from the Federal Emergency Management Agency (FEMA) and the NFIP, bankers and real estate and insurance agents.

Last week, Donelon announced that his state plans to join legal efforts by Mississippi and Florida to get the federal government to delay or block large premium increases in the NFIP under changes mandated by the Biggert-Waters Flood Insurance Reform Act (BW-12), approved last year by Congress.

Filed under: