Today, Members of Congress, elected officials and community leaders endorsed the Flood Insurance Relief and Transparency Act, which would prevent flood insurance premiums from increasing through 2015 and make other critical reforms to the National Flood Insurance Program.
Here are some quotes from community and business leaders in Louisiana:
Hon. Layton Ricks, President, Livingston Parish: “I’d like to thank Congressman Bill Cassidy for his introduction of Legislation in an effort to delay the implementation of the Biggert-Waters Act which is an absolute unaffordable rate increase for flood insurance being forced on our citizens.”
Mr. Malcolm Young, Chief Executive Officer, Louisiana REALTORS: “With the enactment of the Biggert-Waters Act, REALTORS® in Louisiana are witnessing major increases in flood insurance rates. Many potential buyers will not consider properties in areas in the flood zone. Transactions are being cancelled at the time of closing due to the unaffordability of the required flood insurance, which is wreaking havoc on the real estate industry. Any delay until affordability studies can be completed would assist our industry. Louisiana REALTORS® supports the Cassidy resolution for such relief.”