U.S. Senator Bill Cassidy, M.D. (R-LA) engaged in a roundtable discussion today with Louisiana realtors to tackle the escalating cost of flood insurance in the state. Hosted by Louisiana REALTORS®, the session highlighted the significant barrier posed by expensive flood insurance premiums to homeownership in Louisiana.
“Realtors know better than anybody how to make a community successful,” remarked Dr. Cassidy during the roundtable. “One thing is affordable insurance. I am working to make flood insurance more affordable so that people can enjoy living in our great state.”
Dr. Cassidy also addressed the issue in a recent U.S. Senate Banking Committee hearing, where he raised concerns about FEMA’s Risk Rating 2.0 system, which has led to policy cost increases exceeding 1,000% for some homeowners. He emphasized that in certain cases, insurance premiums now surpass monthly mortgage payments. Cassidy pointed out that these changes are driving the National Flood Insurance Program (NFIP) into an actuarial death spiral, prompting policyholders to drop coverage due to unaffordable rates. To combat this, he has introduced legislation aimed at reforming the NFIP and is actively pursuing its long-term reauthorization in Congress.
In his efforts to highlight the issue, Cassidy recently delivered impassioned speeches on the Senate floor, sharing testimonials from Louisiana residents grappling with the financial burden imposed by Risk Rating 2.0. Additionally, he introduced the bipartisan HELPER ACT, designed to establish a first-time homebuyer loan program under the Federal Housing Administration. This initiative targets law enforcement, teachers, and first responders in their fifth year of service, assisting them in managing both mortgage and insurance expenses.
Norman Morris, President of Louisiana REALTORS®, expressed gratitude for Senator Cassidy’s commitment and presence at the roundtable.
“Louisiana REALTORS® is thankful to Senator Cassidy for his ongoing efforts to advocate for affordable and accessible flood insurance for all Louisianans,” Morris stated. “With the potential repercussions of exorbitant flood insurance costs on Louisiana homeowners and businesses, urgent action is needed. We appreciate Senator Cassidy’s persistent endeavors to address this critical issue.”
Senator Cassidy continues to champion affordable flood insurance as a pivotal component of ensuring sustainable homeownership and economic resilience across Louisiana.
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