Millions of American property owners get flood insurance from the federal government, and a lot of them get a hefty discount. But over the past decade, the government has paid out huge amounts of money after floods, and the flood insurance program is deeply in the red.
Congress tried to fix that in 2012 by passing a law to raise insurance premiums. Now that move has created such uproar among property owners that Congress is trying to make the law it passed disappear.
Louisiana public officials are launching a bipartisan battle to revamp proposed changes to the National Flood Insurance Program. The administrator evaluating the objections was taken on a helicopter tour of coastal regions possibly facing steep premium hikes.
Louisianians may find solace from impending increases in flood insurance rates as Sen. Mary Landrieu’s bill to prevent those hikes heads to the Senate Appropriations Committee for consideration at its Thursday meeting.
The measures are included in the Homeland Security Appropriations bill for next fiscal year. Called the Strengthen, Modernize and Reform the National Flood Insurance Program, or SMART NFIP, the bill would postpone parts of last year’s Biggert-Waters Act.
Louisiana homeowners, renters and business owners who sustained damage after Hurricane Isaac have only three days left to register with FEMA for disaster assistance. Thursday is also the day the state’s two remaining Disaster Recovery Centers will close.