Legislators discuss flood insurance legislation: huge progress for Louisiana
POSTED: Monday, March 31, 2014 - 6:44pm
UPDATED: Tuesday, April 1, 2014 - 5:12pm
BATON ROUGE, LA (NBC33) — Louisiana lawmakers in the house and senate Monday held a joint session to discuss new laws on flood insurance passed recently in our nation's capitol. This meeting was to inform our lawmakers about house HR 3370 or the homeowner flood insurance affordability act. Now they can take what they know back to residents in their respective districts.
Lawmakers on the state and national levels have made progress for our people.
All of the stress that came with the Bigot Waters Act of 2012 burdened our Louisiana homeowners; they were facing the threat of sky-rocketing insurance premiums. But now, there's some relief for them.
"To come together in a non partisan way, really the first bipartisan issue that we've seen come out of congress in a long time and a president that was not on board who signed the legislation,” said Sen. Dan Morrish, (R) Jennings.
Not only can out homeowners breathe a sigh of relief, our state was a huge part of this coming to reality.
“This is one for Louisiana. It shows that we can solve problems not just for us but for the nation,” said Michael Hecht, the CEO of Greater New Orleans Economic Development. “I love the fact that this issues we were not the victims were problem solvers."
Now, Property sales are protected too. If you 'sell' property and the new owners keep the same insurance, there won't be an increase.
"The insurance stays with the property a long as they maintain their insurance it will stay the same going forward."
Another change is that insurance companies 'can't' go up more than fifteen percent a year. And people who've overpaid, will be reimbursed.
So moving forward, our state lawmakers will continue to perfect a law that is crucial to the well being of Louisiana.
“We will look at the flood insurance and go back to the original principals,” noted Hecht. “It should be sustainable and protect people who play by the rules”
So if you've overpaid you are going to get your money back. The big question is when? Our lawmakers say they don't have the answer just yet.