As Louisiana and the United State’s economy is dependent on the health of our coast – coastal restoration is one of Bill’s top priorities. He’s also been a leader in reforming the national flood insurance program to ensure that flood insurance rates are priced fairly.
Letter to the Editor: Flood insurance bill keeps premiums affordable
Lafayette Daily Advertiser
By: Rep. Steven Palazzo
The recent passage of The Homeowner Flood Insurance Affordability Act is a victory for communities in Mississippi, Louisiana and across the country. It was an honor to work alongside Rep. Bill Cassidy. Without his leadership, these common-sense reforms would not have been possible.
In my district in south Mississippi, I heard from teachers, veterans, offshore workers, fishermen and people who work at the shipyards. Many live 100 miles inland but were still threatened with the possibility of having to leave their homes because of the unreasonable cost of flood insurance. Cassidy understood the negative effects this would have on the Gulf’s economy and real estate market. He took the first step in building a coalition in support of flood insurance reform. From there, we were able to work across party lines to draft fiscally responsible, comprehensive legislation.
The House-crafted bill, the Grimm-Cassidy Amendment to the Homeowner Flood Insurance Affordability Act, will prevent enormous flood insurance rate hikes and keep flood insurance affordable and available.
Grimm-Cassidy will reverse a number of unintended consequences of the Biggert-Waters Act. It will let homeowners keep their current premiums by reinstating grandfathered flood insurance rates. It repeals the home sales trigger and allows home buyers to take advantage of lower rates. It also reforms the FEMA flood map process to account for local levees and flood protections when setting rates.
Rep. Steven Palazzo
U.S. Representative for the 4th District of Mississippi
Read the full piece HERE