National Flood Insurance Program

Louisiana Sues the National Flood Insurance Program

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Complaint – Louisiana State et al v. Department of Homeland Security et al, Docket No. 2:23-cv-01839 (E.D. La. Jun 01, 2023)

Defendants’ Memorandum In Opposition To Plaintiffs’ Motion For Preliminary Injunction – Louisiana State et al v. Department of Homeland Security et al, Docket No. 2:23-cv-01839 (E.D. La. Jun 01, 2023)

Declaration of David I. Maurstad – Explaining Risk 2.0 and laying out the factual basis for the government’s move to oppose the request for a preliminary injunction.

 

National Flood Insurance Program

CRS: Options for Making the National Flood Insurance Program More Affordable

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Introduction
Many Members and stakeholders have expressed concern about the perceived affordability of flood insurance premiums, concerns which have come to the fore as the Federal Emergency Management Agency (FEMA) introduces a new pricing system known as Risk Rating 2.0. This new rating system, which is designed to move all National Flood Insurance Program (NFIP) policies to risk-based pricing, represents the biggest change to the way the NFIP calculates flood insurance premiums since its inception.1 Nationally, according to FEMA, in the first year 77% of policyholders will see an increase in their premiums and 23% of policyholders will see a decrease under Risk Rating 2.0. 2 These impending rate raises, which vary from $120 to $240 or more annually, have increased congressional interest in reducing the cost burden of flood insurance on policyholders.

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