WASHINGTON– U.S. Senator Bill Cassidy, M.D. (R-LA) issued the following statement after the Federal Emergency Management Agency (FEMA) announced today that it would delay implementation of Risk Rating 2.0 until October 2021.
“This prevents potential increases in flood insurance premiums. It highlights the need for a long-term fix to make sure the National Flood Insurance Program is affordable for homeowners,” said Dr. Cassidy.
In a letter to the Senate Banking Committee, Cassidy warned that Risk Rating 2.0 could lead to increased flood insurance premiums. FEMA cited this concern in its announcement that it would delay implementation to allow “comprehensive analysis of the proposed rating structure so as to protect policyholders and minimize any unintentional negative effects of the transition.”
Cassidy introduced bipartisan legislation to improve the NFIP. His bill would improve the accountability, affordability, and sustainability of the NFIP. It also puts an emphasis on supporting prevention and mitigation efforts to avoid costly damage caused by flood disasters.