Cassidy Announces Flood Insurance Map Update
Press Release
Rep. Bill Cassidy (R-LA) announced that the National Flood Insurance Program (NFIP) is continuing to implement the Grimm-Cassidy Substitute Amendment to the Homeowner Flood Insurance Affordability Act of 2014. FEMA plans to issue revised preliminary flood maps in Grant, Jefferson, Lafayette, Orleans and St. Bernard Parishes beginning now through November, 2014. Natchitoches Parish was issued a revised-preliminary map in August.
Dr. Cassidy offered the following statement:
"It is critical that updated maps are accurate and reflect the structural and non-structural flood protection features that are in place. This helps to offset a Louisiana homeowner's flood risk. I will continue to monitor FEMA's implementation of the reforms passed in the Grimm-Cassidy Amendment to the Homeowner Flood Insurance Affordability Act to ensure that the reforms are accurate and fair."
Parish Estimated Revised Preliminary Issuance
Grant Parish October 2014
Jefferson Parish November 2014
Lafayette Parish October 2014
Orleans Parish September 2014
St. Bernard Parish October 2014
BACKGROUND
Dr. Cassidy announced in July that insurance companies will begin to issue refunds for applicable policyholders beginning October 1, 2014. All checks are anticipated to be written by the end of the calendar year.
He also announced that as of May 1, people who purchased new homes after Biggert-Waters became law, or who didn't have insurance before that date, or whose insurance lapsed, will revert back to premium schedules in effect Oct. 1, 2013.
The Grimm-Cassidy Substitute Amendment to the Homeowner Flood Insurance Affordability Act (H.R. 3370) reinstates grandfathered rates, repeals the home sale/new policy rate increase trigger, provides refunds for people who bought pre-FIRM subsidized homes without being informed of rate increases and caps flood insurance rate increases, among other things.
Signed into law on March 21, 2014, the Grimm-Cassidy Amendment was supported by a broad bi-partisan coalition of Members of Congress, realtors, homebuilders, credit unions, bankers and over 200 stakeholder groups around this country.
Source