BATON ROUGE – Today, U.S. Senator Bill Cassidy, M.D. (R-LA) participated in a roundtable with realtors concerned about the rising cost of flood insurance in Louisiana. The roundtable was hosted by Louisiana REALTORS®, which identified the high price of flood insurance as one of the top barriers to homeownership in Louisiana.
“Realtors know better than anybody how to make a community successful,” said Dr. Cassidy. “One thing is affordable insurance. I am working to make flood insurance more affordable, so that people can enjoy living in our great state.”
In a U.S. Senate Banking Committee hearing, Cassidy told the committee that FEMA’s Risk Rating 2.0 is causing some policies to rise in cost by over 1,000%, and that some homeowners’ insurance costs are higher than their mortgage payment. He added that the National Flood Insurance Program (NFIP) is in an actuarial death spiral, with policyholders dropping their coverage because it’s no longer affordable. Cassidy has previously introduced legislation to address this problem and is working to pass a long-term NFIP reauthorization this Congress.
Additionally, Cassidy recently delivered three speeches on flood insurance on the floor of the Senate, including one sharing testimonials from Louisiana residents who are dropping their flood insurance and facing exorbitant cost hikes due to Risk Rating 2.0. Finally, he recently introduced the HELPER ACT, bipartisan legislation to create a first-time homebuyer loan program under the Federal Housing Administration for law enforcement, teachers, and first responders who are starting their fifth year in these roles. The loan program will help them manage the costs of both their mortgage and insurance policies.
Among others present, Louisiana REALTORS® President Norman Morris thanked Senator Cassidy for his presence and work to make flood insurance affordable.
“Louisiana REALTORS® is grateful to be able to meet with Senator Cassidy on the importance of affordable and available flood insurance for all Louisianans,” said Mr. Morris. “If flood insurance becomes too expensive, Louisiana homeowners and businesses stand to lose. We need urgent action on flood insurance, and we certainly appreciate Senator Cassidy’s ongoing and persistent efforts to make flood insurance more affordable and available throughout Louisiana.”
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