On Tuesday, Senate Homeland Security Appropriations subcommittee Chair Sen. Mary Landrieu (D-LA) announced that a provision included in her 2014 Homeland Security spending bill would delay flood insurance premium increases for one year. The premium increases were included in last year's flood insurance reform bill, the Biggert-Waters Act, in order to help the flood insurance program (NFIP) to become fiscally sound.
The provision delaying the increases was tucked was initially sponsored in the House by Rep. Bill Cassidy (R-LA) and is included in the House-passed Homeland Security spending bill.
According to Sen. Landrieu, "These home and business owners played by the rules, purchased properties that were up to code and are now facing exorbitant rate hikes - my legislation will prevent FEMA from raising these rates. Biggert-Waters makes the NFIP self-sustainable, but it does it on the backs of people who live and work along the coast. As I've said for some time, flood insurance must be affordable, accessible and self-sustainable - one without the others will not work for the people of Louisiana."
Learn more from Sen. Landrieu.