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Lawmakers look into flood insurance rate hikes

2 years 11 months 4 weeks ago October 23, 2013 Oct 23, 2013 Wednesday, October 23 2013 October 23, 2013 6:11 AM in News
Source: WBRZ

BATON ROUGE - Louisiana lawmakers are gathering information about dramatic rate increases in flood insurance costs for homeowners and businesses.

The House and Senate insurance committees planned a special public hearing on the topic Wednesday, as they look for ways to stop or lessen the skyrocketing rates.

But the state has few options since the program is federally-run.

The rates charged through the National Flood Insurance Program are slated to rise steeply for many homeowners around the country, including Louisiana, as part of a bipartisan overhaul of the program passed by Congress last year to cut the federal government's costs.

Members of Louisiana's congressional delegation are seeking to keep lower rates in place, but that has stalled in Congress.

About 500,000 Louisiana homes and businesses have federal flood insurance.

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