WASHINGTON – Jim Beam, retried editor of the American Press, praised U.S. Senator Bill Cassidy, M.D. (R-LA) for his continued efforts to make the National Flood Insurance Program (NFIP) affordable again. In an American Press column, Beam went as far as to call Cassidy “[Louisiana’s] strongest advocate.”
“The cost of my National Flood Insurance Program (NFIP) coverage has doubled over the last six years…Members of the state’s congressional delegation have been strong advocates for reducing the cost of NFIP,” wrote Beam. “U.S. Sen. Bill Cassidy, R-Baton Rouge, is perhaps our strongest advocate.”
“During a Senate Banking Committee hearing, Cassidy told members of the committee that FEMA’s Risk Rating 2.0 program is causing the cost of some policies to rise by over 1,000%. Policyholders are dropping their coverage because flood insurance is higher than their mortgage payments,” continued Beam.
“He also appealed to his fellow senators for help. ‘I urge my colleagues to come talk to me about NFIP reauthorization and reform,’ Cassidy said. ‘We are working on bipartisan legislation that fixes this mess, makes Risk Rating 2.0 transparent, and makes flood insurance affordable again. Let’s discuss a way forward’,” added Beam.
Read the full column here.
Background
Cassidy has been delivering a series of speeches on the U.S. Senate floor highlighting rising NFIP premiums in Louisiana and around the country. He called on Congress to take action to make the NFIP affordable again and address Risk Rating 2.0.
Earlier this Congress, Cassidy reintroduced his National Flood Insurance Program Reauthorization Act to reauthorize the program for five years, providing greater stability for homeowners, small business owners, and the real estate market as the nation continues to struggle with inflationary pressures. The bill would also implement a series of sweeping reforms to reduce costs, make generational investments in communities to reduce flood risk, and establish a fairer claims process for policyholders.
In January, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
Cassidy traveled St. Bernard Parish last August to talk with residents about their flood insurance premiums, resulting in the second episode of his series Bill on the Hill.
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