Cassidy calls for flood insurance changes

U.S. Sen. Bill Cassidy, R-La., delivered a speech Monday on the Senate floor demanding Congress take action to make the National Flood Insurance Program affordable as Louisianans wade through another hurricane season.
Cassidy highlighted the uncertainty NFIP’s new risk assessment system, Risk Rating 2.0, has caused homeowners who do not know if they can afford rising premiums. Risk Rating 2.0 assesses risk and premiums based on individual properties rather than risk over a large area.
While many will see no or even a positive impact, others are seeing catastrophically high premiums.
“NFIP is a safety net for homeowners after a storm. It protects them from being financially wiped out by a hurricane,” Cassidy said.
“However, this year is different from past years for two reasons. First, the National Weather Service predicts that 2024 will see above-normal hurricane activity in the Atlantic and Gulf of Mexico.
"Second, there is much more uncertainty about whether NFIP will remain affordable."