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Help Keep Homeowner Flood Insurance Affordable

Posted on 10. Feb, 2014 by

You’ve probably heard about changes to the National Flood Insurance Program (NFIP) under a bill entitled the Biggert-Waters Act. The changes raise rates to reflect true flood risk, and were intended to make the program more financially sustainable.

TAKE ACTION NOW!

However, the changes also carried unanticipated rate hikes, pricing out homeowners and small businesses across the five-parish region including Orleans. In some cases, changes to the nation’s largest flood insurance plan led to unexpected rate jumps as high as 3,000 % in the middle of a mortgage, leaving many homeowners reeling. As families across the Gulf Coast know, flood insurance affordability has everything to do with keeping the home you have, or finding a new home based on choice.

On October 29th, the one-year anniversary of Superstorm Sandy, a bipartisan coalition of legislators from the U.S. House of Representatives and Senate introduced the Homeowner Flood Insurance Affordability Act to delay rate hikes under Biggert-Waters changes to the NFIP.

The Homeowner Flood Insurance Affordability Act is intended to protect homeowners facing huge flood insurance premium hikes and requires FEMA to complete an affordability study, propose solutions to affordability issues, and certify that their mapping process is accurate before any flood insurance premiums can be raised in the future. Please take a moment to urge your House Representatives to cosponsor this bill.

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