Cassidy introduces flood insurance legislation to cap increases, lower rates

BATON ROUGE, La. (BRPROUD) – U.S. Sen. Bill Cassidy introduced bipartisan legislation to reform the National Flood Insurance Program to reduce premium costs in high-risk areas.

Cassidy says about 900,000 policyholders are expected to drop within the next 10 years.

“So we need to ensure that folks in Louisiana can continue to that they can afford to live in the places where they grew up with their raise, their families, where they work in the industries that power the rest of our country,” said Cassidy.

He aims to:

• Make flood insurance more affordable for homeowners and sustainable for society by capping annual premium increases at 9%.
• Provide a discounted rate for those with excessive hikes in their plan.
• Simplify the claims process following a disaster.

He recently secured nearly $12 million from FEMA for Ascension and Livingston Parishes to elevate 56 structures.

Visit the Louisiana Department of Insurance website to learn more about how to get flood insurance.