Senator John Kennedy introduces bills to address rising flood insurance costs

quote:

---

The Madisonville Republican introduced the Risk Rating 2.0 Transparency Act, which would require the Federal Emergency Management Agency, FEMA, to publish an explanation of how the agency is determining National Flood Insurance Program, NFIP, prices under Risk Rating 2.0.

“The Biden administration is refusing to show lawmakers the new algorithm it uses to raise flood insurance premiums,” Kennedy said in a statement. “Since millions of Louisianians depend on the NFIP to protect their homes from natural disasters, FEMA must come clean about why premiums are skyrocketing under Risk Rating 2.0. In the meantime, my bills would ensure fairer rates for the people of Louisiana.”

The Risk Rating 2.0 Transparency Act would make FEMA responsible for creating an online data base for policyholders. The database would provide information on premium rates and how FEMA sets those rates.

---

quote:

---

Kennedy’s second measure is called the Flood Insurance Affordability Act and would cap annual flood insurance premium increases.

Sen. Marco Rubio, R-Fla., cosponsored that measure.

The Flood Insurance Affordability Act would lower the statutory limit on annual premium increases on primary resident homeowners under Risk Rating 2.0 from the current limit of 18% to 9%.

---