GNO, Inc. Hosts NFIP Administrator David Miller And Federal Delegation for Update on NFIP Implementation
Caitlin Berni | [email protected] | Published on June 13, 2014
New Orleans, LA (06/13/2014) – Today, the Coalition for Sustainable Flood Insurance (CSFI) hosted FEMA’s Associate Administrator for Federal Insurance and Mitigation David Miller to provide an update to stakeholders on implementation of the Homeowner Flood Insurance Affordability Act and the mapping process. Members of the Louisiana Congressional also participated in today’s symposium. GNO, Inc. also announced that the Coalition for Sustainable Flood Insurance has officially been incorporated. CSFI is now seating its national Board of Directors and planning for an early fall in person meeting.
“Our purpose is twofold with the incorporation of the Coalition for Sustainable Flood Insurance: first, to ensure proper implementation of the Homeowner Flood Insurance Affordability, and then, to determine best long-term solution for flood insurance – reauthorization of NFIP in 2017, or an alternative,” said Michael Hecht, President and CEO of Greater New Orleans, Inc. and Chairman of the Board of the Coalition for Sustainable Flood Insurance. “We look forward to continuing to work with our Board, Congress, and FEMA to keep flood insurance affordable for America.”
Materials from the symposium can be found at http://csfi.info/resources-media/.
“We won the battle to stop draconian rate increases by Biggert-Waters, but our fight continues. We need to craft a sustainable flood insurance program that middle class families who live and work along our coast, bayous and rivers can live with, grow with and prosper with,” said Senator Mary Landrieu. “I am thrilled by today’s announcement that the Coalition for Sustainable Flood Insurance will remain a strong and faithful partner with us in the fight for affordable flood insurance. “Hard-working middle class families should not have to pay flood insurance rates based on inaccurate and flawed maps that fail to recognize the levees that have protected their communities for decades. That’s why I will lead the effort to reverse the President’s $11-million cut to FEMA’s program that corrects out-of-date and flawed maps. And next month, I will use the full power of the Homeland Security Appropriations Subcommittee to hold FEMA accountable for implementing this law correctly and efficiently and give Louisiana a seat at the table as we work toward building a stronger program.”
“Our flood insurance fix is a huge victory for Louisiana families. It will literally save folks in Louisiana and across the country from losing their homes. The support we received from CSFI, was hugely helpful in getting this legislation passed,” said Senator David Vitter. “Far too many homeowners are still facing unaffordable flood insurance rate increases though. FEMA needs to fix this once and for all. Louisiana families need certainty that we’ve fixed a major problem with the National Flood Insurance Program.”
“Access to affordable and practical flood insurance is critical to the well-being of families across South Louisiana,” said Congressman Charles Boustany (LA-03). Under the Homeowner Flood Insurance Affordability Act, we will be able to keep rates from skyrocketing to levels that will hurt homeowners and damage the housing market in our area. I thank Greater New Orleans, Inc., as well as the chambers and community organizations in my district, for their leadership to reform Biggert-Waters. I look forward to working with FEMA Administrator Miller to ensure viable flood insurance is available to South Louisiana families.’
“Passing the Grimm-Cassidy Substitute Amendment to the Homeowners Flood Insurance Affordability Act is one step in making sure Louisiana families start to see flood insurance relief—FEMA’s implementation of it is another step,” said Congressman Bill Cassidy (LA-06). There have been a lot of changes to the National Flood Insurance Program in the past few months, but it looks like FEMA is moving in the right direction. I will continue to monitor FEMA’s implementation. It’s important that Louisiana policyholders are treated fairly and that they start seeing flood insurance relief as soon as possible.”
“Affordable flood insurance is paramount for homeowners in Louisiana,” said Congressman Ceric Richmond (LA-02). “That is why it is essential FEMA expeditiously and accurately implements the Homeowner Flood Insurance Affordability Act. Ensuring that our constituents can enjoy the peace of mind of knowing their homes are protected while no longer being subject to enormous rate increases has been and will remain a top priority of mine.”
The law includes proposals originally suggested by the Coalition, including the reinstatement of grandfathering and capping premiums at one percent of the real estate policy value. The legislation also removes the property sales trigger, caps annual rate increases at 15 percent, and refunds policyholders who purchased homes and were subsequently charged higher rates.