Louisiana Senate Bill SCR95

Louisiana 2013 Regular Session

• Introduced: 5/16/13
• Refer: 5/20/13

Caption

Memorializes Congress to amend or repeal the Biggert-Waters Flood Insurance Reform Act.

Impact

If enacted, SCR95 aims to mitigate the adverse effects of the Biggert-Waters Act, particularly concerning how flood insurance premiums are calculated and how properties are designated by FEMA based on flood-risk maps. The current phase-out of subsidized rates implies long-term financial consequences for property owners who may find it increasingly difficult to afford flood insurance. The resolution positions itself as a crucial intervention to alleviate potential losses that could see property values decline and market conditions destabilized in vulnerable coastal regions, ultimately protecting the livelihoods of individuals and local businesses.

Summary

Senate Concurrent Resolution No. 95 (SCR95) calls on Congress to amend or repeal the Biggert-Waters Flood Insurance Reform Act, which has raised concerns about its implications for coastal communities, individuals, and businesses. The resolution emphasizes the financial burden that the act imposes through phased-out subsidized flood insurance rates, advocating for a reconsideration of these policies to prevent significant economic harm. As properties face skyrocketing insurance premiums and new risks classified by the Federal Emergency Management Agency (FEMA), the resolution points to a pressing need for legislative action to alleviate the anticipated financial strain on affected communities.

Sentiment

The overall sentiment around SCR95 seems to align with a protective stance for coastal communities, as it advocates for needed reforms to legislation viewed as detrimental to local economies. Supporters of the resolution are likely concerned about the disproportionate financial burden placed upon vulnerable populations by increased flood insurance rates. Yet, the discussion may also reflect a broader tension between the federal government's role in disaster risk management and local community needs, indicating a nuanced debate about the best approach to flood insurance and property protections.

Contention

Key points of contention surrounding SCR95 include the adequacy of current FEMA flood-risk maps that do not consider locally-improved flood management infrastructure. Critics of the existing Biggert-Waters Act argue that the federal criteria for risk assessment lacks responsiveness to regional efforts to mitigate flooding. As Congress considers amendments related to the act, questions remain regarding how changes may affect flood insurance availability and affordability, stirring a complex mixture of support and opposition that seeks to balance federal regulatory measures with local realities.