US Senator John Kennedy recently introduced the Flood Insurance Justice Act to prevent the Biden administration from unilaterally making changes to the National Flood Insurance Program (NFIP) that would raise premiums for flood-affected Louisianans.
“Louisianians are still recovering from last fall’s historic storms, and it’s hurricane season again. The last thing these families need is an unnecessary increase in their flood insurance premiums,” Kennedy said. “Still, the Biden administration is bypassing Congress to raise premiums for Louisiana’s vulnerable. Louisianans deserve their say in a plan that could make their homes inaccessible overnight. The Flood Insurance Justice Act would require congressional approval before the Biden administration could make any changes to the National Flood Insurance Program. ”
The Federal Emergency Management Agency (FEMA) is initiating Risk Rating 2.0, a new rating system for the NFIP. Risk Rating 2.0 is scheduled to go into effect for new NFIP policies on October 1, 2021. New rates for existing NFIP policyholders will go into effect on April 1, 2022. premium are calculated, potentially making flood insurance unaffordable for Louisiana families in flood-prone areas.
The Flood Insurance Fairness Act would require congressional approval before FEMA could make any changes to the NFIP, including implementing Risk Rating 2.0. The bill would also freeze the awards at the time of its enactment until Congress agrees to change them.
Kennedy wrote to Senate Banking Committee Chair Sherrod Brown (D-Ohio) in April requesting a hearing to review Risk Rating 2.0 and recently spoke out against the new rating system on the Senate floor.