Central Louisiana News

U.S. Senator Bill Cassidy recently addressed the U.S. Senate to highlight the impact of rising flood insurance premiums on American families during the holiday season. Cassidy emphasized the financial burden these costs place on households and called for action to extend and reform the National Flood Insurance Program (NFIP) before its expiration on December 20, 2024.

"The season should be a time filled with family, friends, and joy, but this year it will be filled with financial worry for many Americans," stated Dr. Cassidy. He introduced the Flood Insurance Affordability Tax Credit Act to provide relief through a "33 percent refundable tax credit" for low- and middle-income households enrolled in NFIP.

Cassidy's report outlines the historical developments leading to current premium levels and calls for urgent reforms. He noted that changes implemented by FEMA's Risk Rating 2.0 have increased premiums, causing many to drop their coverage.

"Time and time again, I hear from constituents about the burden Risk Rating 2.0 places on their pocketbooks," Cassidy remarked, stressing that immediate relief is needed while working towards comprehensive reform.

Cassidy also urged Congress to reauthorize NFIP to ensure continued protection for millions of Americans against flooding risks. He underscored the necessity of passing reforms that would make flood insurance more affordable nationwide.

With ongoing efforts alongside Louisiana's delegation, Cassidy aims for bipartisan solutions that address affordability issues within NFIP while preventing its potential bankruptcy due to escalating claims.