Cassidy Flood Insurance Bill Waiting For President’s Signature
Congress recently passed the Grimm-Cassidy Amendment to the Homeowner Flood Insurance Affordability Act (H.R. 3370). Today 'Go Acadiana' we spoke with Congressman Bill Cassidy so he could give us more insight about the amendment and what it would provide for property owners.
According to Congressman Cassidy,
The way that FEMA has been implementing the national flood insurance program was ignoring for example the fact that Lafourche Parish has a levee that prevents flood waters from entering south Lafourche Parish. They're ignoring it because the levee is not certified by the Army Corps of Engineers. They're skyrocketing premiums for people who are at minimal risk of flooding.
Cassidy went on to explain further,
What this bill does, it says we're going to cap the amount your premiums may rise. So they can't take it to $20,000 in one year. It can rise by15% per year, maximum for a flood plain area.
In addition to the cap on premiums Cassidy said,
If somebody has built 'to code' and they've not flooded over and over they will continue to get their grandfathered national flood insurance policy rate and when they sell their home the person that purchases the home gets that same grandfathered rate.
Congressman Cassidy said the bill is only awaiting the President's signature.
To learn more about the Grimm-Cassidy bill take a listen to the entire interview by clicking the blue arrow below: