2019-0252
INTRODUCED BY: PAUL J. HOGAN, PE, COUNCILMAN-AT-LARGE, DIVISION B
RESOLUTION NO. __________
Title
A resolution urging Legislators to seek affordable and long-term changes to the reauthorization of the National Flood Insurance Program ("NFIP").
Body
WHEREAS, floods are one of the most common and most destructive natural disasters in the United States; and,
WHEREAS, the National Flood Insurance Act authorizes a National Flood Insurance Program ("NFIP"); and,
WHEREAS, the NFIP is a program created by Congress to mitigate future flood losses across the United States and to further provide access to affordable flood insurance protection for property owners; and,
WHEREAS, the NFIP is designed to provide an insurance alternative to disaster assistance to meet the increasing costs of repairing damage to buildings and their contents caused by floods; and,
WHEREAS, the NFIP maintains a significant role in providing financial protection against flood events to St. Charles Parish property owners; and,
WHEREAS, the NFIP is set to expire on September 30, 2019; and,
WHEREAS, the objective with changes to the NFIP must be to provide affordable rates and sensible coverage to affected property owners; and,
WHEREAS, on June 12, 2019, the House Financial Services Committee unanimously passed legislation to reauthorize and reform the NFIP, known as H. R. 3167, which does not adequately address annual rate increases; and,
WHEREAS, on July 18, U.S. Senators Bill Cassidy and John Kennedy led a bipartisan group of senators and representatives in introducing the National Flood Insurance Program Reauthorization and Reform Act (NFIP Re), known as S. 2187; and,
WHEREAS, the proposed reauthorization provides for a five-year reauthorization and annual rate increases lowered to 9% for all policyholders (pre- and post-FIRM) from a maximum of 25% for pre-FIRM and 18% for post-FIRM; and also provides for monthly payments of premiums, as well as a means tested affordability program, inv...
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