Memorializes Congress to prevent unnecessary and unintended harm to coastal communities, individuals, and businesses by immediately amending the Biggert-Waters Act and mandating revision of FEMA flood-risk maps.
Impact
The resolution highlights the significant economic threat posed to coastal areas as a result of escalating flood insurance premiums mandated under the Biggert-Waters Act, which could increase by up to 25% annually until properties are rated at actuarial levels. This situation is particularly dire for over half a million properties in Louisiana and potentially others affected by extreme weather events like Hurricane Sandy, making clear the urgency of addressing these legislative measures to ensure community stability.
Summary
SCR91 is a concurrent resolution that memorializes the United States Congress to take immediate action regarding the Biggert-Waters Act, particularly to prevent adverse economic impacts on coastal communities, individuals, and businesses arising from the act’s provisions concerning flood insurance rates. The legislation calls for amendments that would revise how flood risks are assessed by the Federal Emergency Management Agency (FEMA), advocating for a reevaluation of flood-risk maps to better reflect local infrastructure such as levees and floodgates.
Sentiment
The sentiment surrounding SCR91 appears supportive within the Louisiana legislature, as evidenced by the unanimous passage in the Senate with a vote of 21-0. There is a consensus that immediate federal intervention is necessary to alleviate the burden placed on citizens due to rising flood insurance costs and to revise the risk assessments that unfairly categorize properties as high-risk without accounting for local flood defenses.
Contention
While the resolution itself does not face significant opposition, there remains an ongoing debate around the broader implications of the Biggert-Waters Act and how it changes the federal flood insurance landscape. Some stakeholders emphasize the need for a balance between improving funding for flood prevention strategies through the National Flood Insurance Program and ensuring that insurance remains affordable and accessible for those living in vulnerable coastal regions.
Memorializes the United States Congress to end Risk Rating 2.0 and to take certain other necessary actions to alleviate the financial burden of flood insurance