Business leaders call for improvements to the National Flood Insurance Program
Business leaders in Louisiana want to see flood insurance rate hikes reined in throughout the region. A coalition of businesses from the construction and real estate industries attended a meeting at the University of New Orleans where they shared their thoughts concerning the National Flood Insurance Program with lawmakers. The federal program offers flood insurance coverage to homeowners and businesses, but the program has been struggling with financial problems for years. As such, rates for policies offered through the program have been on the rise for some time.
Homeowners and businesses are paying much more for their flood insurance protection
Louisiana homeowners and businesses have been paying more for their flood insurance coverage in recent years, largely due to the state’s proximity to the ocean and its exposure to powerful storms. New federal laws have further increased premiums, placing consumers and businesses under greater financial stress. These financial issues are becoming quite problematic, leading businesses to provide some suggestions on how the National Flood Insurance Program can be improved.
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Businesses suggest renewing the federal program and working more to stabilize premiums
Louisiana business leaders suggest that re-authorizing the National Flood Insurance Program for another five years is one of the first steps that the federal government should take to address the program’s financial issues. The group also suggests that more effort should be made to stabilize insurance rates for policyholders. Forming a better consumer advocacy group is also a top suggestion. Such a group would be responsible for representing policyholders, helping them understand the intricacies of flood insurance coverage and how to find the policies that best suit their needs.
Better consumer advocacy group may be needed for policyholders
The Federal Emergency Management Agency, which manages the National Flood Insurance Program, already has a consumer advocacy office in operation, but this office may not be able to meet the needs of all consumers. An improved advocacy group may help consumers better address the issues they have with their flood insurance coverage, making the claims process easier and ensuring that policyholders are treated fairly.