The first member of the committee to speak on the issue was Sen. John Kennedy, R-La, who said the National Flood Insurance Program needed to be reworked. The old model before Risk Rating 2.0 was flawed, but the new model is worse, he said.
Source: The Advertiser
While the exact causes of the bump are unclear, what they found might help inform the way we think about disasters from a healthcare perspective.
With few eligibility requirements, the program is first-come, first-serve. Critics say the grants should prioritize need.
The legislation, known as NFIP-RE Act of 2023, would limit price increases to a 9% hike, down from an 18% hike. It would also help out low- and moderate-income homeowners and renters struggling to afford flood insurance, and forgive interest payments on the debt that FEMA has accumulated because flood insurance revenues have been nowhere near enough to pay for damages incurred.
Source: The Advocate
The Louisiana Fortify Homes Program will offer grants of up to $10,000 for eligible homeowners to retrofit their roofs.
Flood insurance premiums have surged across the state under FEMA’s new system for calculating risks. State officials involved in the suit say the federal agency has not been transparent about how the calculation works.
Source: The Daily Advertiser
Rising flood insurance costs under FEMA’s new Risk Rating 2.0 system are pushing up costs for Lafayette homeowners. But the rising rates belie a largely unseen level of risk.
Increases of more than 50% are expected for National Flood Insurance Program policies in nine of the 10 ZIP Codes that cover the Lafayette area. That represents 15,000 single-family homes.
A new Habitat for Humanity home in the historic La Place neighborhood near Downtown could be a model for homes that create more energy than they use and meet some of the nation’s highest construction standards.
It took the public insurer more than a decade to trim the number of risky policies it was holding to less than 40,000, through a process called depopulation. But over the span of a few months, after the collapse of a dozen insurers, more than 80,000 policyholders had come rushing back into Citizens’ arms.
Source: The Advocate
The crisis’ impact on the cost of living in Louisiana threatens to add to the state’s long-standing problem with depopulation, raising questions about the long-term resilience of its communities.
The company had planned to non-renew the over 200,000 policies it had in force across the country, including about 30,000 in Louisiana, as part of a solvent runoff this year.
Source: KATC
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