Thousands of Louisianans are paying more for flood insurance beginning this week after the Federal Emergency Management Agency implemented its new pricing schedule despite pleas to postpone it from coastal lawmakers like Sens. Bill Cassidy and John Kennedy.
Risk Rating 2.0, as the new price schedule for the National Flood Insurance Program is known, took effect Oct. 1 and will increase costs for 77% of policyholders, according to FEMA, and decrease costs for 23%.
According to USA Today, Cassidy, a Republican, says that number is closer to 80% in Louisiana, where there are about 500,000 policyholders. The rates went into effect for new policyholders Friday and will be implemented for policy renewals on April 1, 2021.
Last week Cassidy and senators from other coastal states filed legislation to delay the implementation. But Cassidy acknowledged today during a conference call with reporters that passing a stand-alone bill is virtually impossible and that the “best chance” would be to attach it to another bill as a rider, which is also a long shot. Read the full story.
See how Baton Rouge-area residents will be affected by rate changes, in this recent story from Daily Report.