Hundreds of thousands of Louisiana homeowners will soon see rising flood insurance bills.
But the federal government is providing few details about how much its recalculation of rates will boost premiums beyond the first year.
Insurers, homeowners and politicians getting their first look at cost increases people might see from the National Flood Insurance Program are starting to sound alarms. They say people could end up being billed thousands more annually after the full phase-in, and they suggest the Federal Emergency Management Agency deliberately will not share information about how expensive premiums will get. They say such increases add insult to injury for Louisiana residents still trying to recover from Hurricanes Laura, Delta, Zeta, and Ida.
Members of Louisiana’s congressional delegation and lawmakers from additional coastal states urged President Joe Biden’s administration to delay the changes, to no avail.
The flood insurance rate recalculation, which has been proposed for years, began Friday for people seeking new policies and starts April 1 for policies being renewed.
In Louisiana, up to 80% of the 496,000 National Flood Insurance Program policies are expected to see price hikes in the first year. Most face an initial yearly increase of no more than $120, according to the Federal Emergency Management Agency.
