Local Parish Presidents and property owners are urging FEMA to delay the full implementation of its Risk Rating 2.0 Program, which they say will cause rate increases for many flood insurance policyholders.
The program took effect in October for new flood policies and will become effective on April 1 for existing policies.
Risk Rating 2.0 is FEMA’s new methodology for determining flood insurance rates.
On Tuesday, GNO Inc. brought together New Orleans area political leaders for a press conference during which they urged a delay in the higher flood coverage rates. GNO Inc. and the public officials involved in the news conference support legislation by Senators Bill Cassidy and John Kennedy that would keep policyholders’ current rates in place until FEMA can meet certain accountability standards.
Tangipahoa Parish President Robbie Miller said FEMA failed to get local input before it drew up the new risk rating system.
St Tammany Parish President Mike Cooper called it an inconsistent and unfair increase to their neighbors for insurance. He added that flood insurance could price them out of their homes.
