Louisiana senators joined with other lawmakers this week to introduce a long-term reauthorization bill for the National Flood Insurance Program.
In the House of Representatives, its companion bill advanced from the House Financial Services Committee in mid-June and now sits in the subcommittee on Economic Development, Public Buildings and Emergency Management.
Both bills seek to not only extend the program for five years but offer some reform to improve its affordability, protect policyholders from rate hikes and enhance the techniques used for creating flood risk maps.
Republican Sens. Bill Cassidy and John Kennedy joined a bipartisan group of senators on the bill, including Bob Menendez, D-New Jersey; Cory Booker D-New Jersey; Chris Van Hollen, D-Maryland; Marco Rubio, R-Florida; Elizabeth Warren, D-Massachusetts; and Kirsten Gillibrand, D-New York.
“The reforms in this bill are critical to any reauthorization effort to make the program sustainable and prevent families from being hit with drastic premium increases,” Cassidy said.
In a news conference, Kennedy called on his fellow senators to take action and pass the bill.
“I think this bill strikes a fair balance between the financial integrity of the National Flood Insurance Program and affordability for policyholders,” he said.
“It doesn’t do any good to offer flood insurance to people if they can’t afford it, and that’s certainly not going to make the program stabler if you don’t have any policyholders,” Kennedy added.
Beyond preventing annual rates from increasing by more than 9 percent a year, the bill also would also offer a voucher to low- and middle-income homeowners and renters if their premium causes their housing cost to rise above 30-percent of their income.
It also increases investment in mitigation efforts by property owners within the program.
Windell Curole, South Lafourche Levee District general manager, said having a program that is “viable and working right” is critical for local property owners. He echoed the need for insurance rates to remain affordable.
Curole said the district has helped save the country money by contributing toward the levees’ construction.
“Our people pay heavy taxes to make sure the levee system works,” he said. “They benefit from our local taxpayers paying the money to prevent flooding.”
He pointed to Hurricane Barry, which just sent at least six feet of storm surge against south Lafourche’s levees and floodgate. The system kept that surge from flooding the residences inside, and many have flood insurance.
“We need it to work properly,” he said of the flood insurance program. “And we need it to be fair to the people who are spending the money to be protected.”
Houma Courier Staff Writer Halle Parker can be reached at hparker@houmatoday.com or 857-2204. Follow her on Twitter, @_thehalparker.
