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Flood insurance hikes loom for La. homeowners

Flood insurance hikes loom for La. homeowners

Flood insurance hikes loom for La. homeowners
News from The Advocate:

Associated Press file photo by Gerald Herbert — Floodwaters from Hurricane Isaac rose to the rooftops in Braithwaite in September 2012. Currently, members of Louisiana’s congressional delegation are seeking delays to the National Flood Insurance Program, and hope a fix will come before the Senate in January.

Congressional action expected in Jan.

Thousands of coastal residents — from the working class in Louisiana to those with beachfront mansions nationwide — remain wary of pending flood insurance rate hikes that are impacting real estate markets more each day.

The year is coming to an end, and congressional efforts to fix skyrocketing flood insurance rate hikes by the end of the year have proven unsuccessful.

But members of the Louisiana congressional delegation and the overall business coalition seeking delays to the National Flood Insurance Program are optimistic a fix could come in January in the Senate and then, eventually, overcome a more onerous hurdle in the U.S. House.

The primary focus is on the Homeowner Flood Insurance Affordability Act to delay many of the most dramatic rate hikes by four years to allow time for creating long-term solutions. Senate Majority Leader Harry Reid has set in motion a January floor vote on the legislation, which…………… continues on The Advocate

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