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President Signs Homeowner Flood Insurance Affordability Act

Post Date:04/24/2014 4:28 PM

Mathews, LA – Today, Lafourche Parish President Charlotte Randolph joined Senator Mary Landrieu, Congressman Bill Cassidy, GNO Inc and several other parish presidents to mark the passage of the Homeowner Flood Insurance Affordability Act. President Obama signed the bill into law on Friday, March 21.

The law will now provide:

  • Reinstates Grandfathering – All post-FIRM properties built to code at the time of construction will have protection from rate spikes due to new mapping.
  • Annual Rate Increase Cap of 15% - The law prevents FEMA from increasing premiums within a single property class beyond a 15% average a year.”
  • Funds the Affordability Study and Mandates Completion – Mandates completion in two years.
  • Allows for Annual Surcharges – The law applies an annual surcharge of $25 for primary residences and $250 for second homes and businesses, until subsidized policies reach full risk rates.
  • Includes the Home Improvement Threshold – The law returns the “substantial improvement threshold” to the historic 50% of a structures’ fair market value level

Lafourche Parish President Charlotte Randolph stated, “This action is essential to the future of a solid flood insurance program for Lafourche Parish residents as well as millions of Americans. We now have a realistic foundation from which to build, allowing for true flood maps accounting for all structures that can reduce our risk. And time to complete more.

 

Lafourche Parish: Feeding and Fueling America

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