U.S. Senator Bill Cassidy, M.D. (R-LA) delivered a speech on the U.S. Senate floor highlighting his new report detailing the current state of the National Flood Insurance Program (NFIP) and the issues that led to skyrocketing premiums for millions of homeowners.
The report explains the historical developments that led NFIP to this moment, key findings following a thorough examination of the crisis, and next steps Washington must take. Cassidy will also demand that Congress reform NFIP to make it affordable again.
Dr Cassidy said skyrocketing insurance premiums caused by FEMA’s new risk assessment program—Risk Rating 2.0—have left many Louisiana families and families around the nation with no way to protect their homes. He added that this motivated him to release a detailed report, breaking down the current state of NFIP, how it reached this point, and what Congress must do to make flood insurance affordable again.
