2013-0358
INTRODUCED BY: V.J. ST. PIERRE, JR., PARISH PRESIDENT
ST. CHARLES PARISH COUNCIL
RESOLUTION NO.
Title
A resolution requesting the members of the Louisiana Federal delegation to request President Barack Obama to issue an Executive Order to delay the implementation of Sections 205 and 207 of the Biggert-Waters Reform Act of 2012 for four years to allow FEMA to complete the congressionally mandated affordability study on proposed NFIP rate increases, subsidy elimination, and the revoking of grandfathered policies.
Body
WHEREAS, St. Charles Parish is currently in the process of revising the revised version of the Flood Insurance Rate Maps; and,
WHEREAS, the National Flood Insurance Program provides homeowners with property coverage in the event of flooding and is required for many homeowners in St. Charles Parish; and,
WHEREAS, the Biggert-Waters Flood Insurance Reform Act, signed into law by President Barack Obama in 2012, contains provisions for phased-in automatic premium rate increases for certain policyholders; and,
WHEREAS, Sections 205 and 207 will unfairly affect hundreds of thousands of policyholders throughout the country who purchased or constructed their homes to the current building codes at the time; and,
WHEREAS, FEMA released the unaffordable and non-actuarially calculated proposed annual premium rates effective October 1, 2013 ranging from $5,830.13 to $19,352.55 for average homes located in Flood Zone AE; and,
WHEREAS, many areas of the country will be negatively affected by these actuarial risk-based premium rate increases that are anticipated to rise an average 20 to 25 percent each year for the next four to five years and such increases will place tremendous burdens on the budgets of average Americans that may lead to personal bankruptcy and foreclosure; and,
WHEREAS, it is the intention of the members of the Coalition for Sustainable Flood Insurance to reduce or delay these automatic NFIP rate increases until furthe...
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