Louisiana House Bill HCR60

Louisiana 2013 Regular Session

• Introduced: 4/15/13
• Engrossed: 4/15/13
• Passed: 4/17/13

Caption

Memorializes congress regarding the National Flood Insurance Program as recent changes affect St. Charles Parish

Impact

The resolution aims to protect homeowners in St. Charles Parish from the adverse effects of premium increases that are a result of the new flood insurance reform measures. The modified flood maps do not consider existing flood control measures in the community that have historically protected properties. The resolution calls for a thorough review of these rate changes and emphasizes the need for continued coverage under the NFIP during the review process, particularly for homes affected by the revised flood insurance rate maps that do not take into account local flood defenses.

Summary

HCR60 is a concurrent resolution that memorializes the United States Congress to take necessary actions to delay and reconsider increases in premium rates for the National Flood Insurance Program (NFIP). This follows the implementation of the Biggert-Waters Flood Insurance Reform Act, which has significantly impacted homeowners in St. Charles Parish by allowing for potentially drastic hikes in flood insurance premiums. The resolution particularly addresses the immediate financial concerns for residents who may face increased premiums of 20-25% per year for the next five years, which could lead to economic hardship including personal bankruptcies and foreclosures.

Sentiment

The sentiment around HCR60 reflects a strong concern for the financial well-being of St. Charles Parish residents in the wake of the Biggert-Waters Act. Legislators support the resolution as a necessary intervention to advocate for homeowners who risk substantial financial loss due to increased insurance costs. This issue has garnered bipartisan awareness, as the consequences are likely to affect a wide segment of local residents, drawing attention to the importance of comprehensive assessments before implementing such rate increases.

Contention

Notable points of contention revolve around the implementation of Section 207 of the Biggert-Waters Act, which eliminates the previous 'grandfathering' status for homes built according to older flood maps. Opponents argue that without considering the existing flood protection measures in St. Charles Parish, the revised flood maps introduce inequities that threaten property values and community stability. The resolution seeks to press Congress to pause any increases in flood insurance premiums until after further studies by FEMA and other relevant entities have been conducted, highlighting the urgency to reassess the implications of these changes thoroughly.