Vitter addresses La.’s flood insurance policyholder gap
August 5, 2014OUR VIEW: Teachers are among region’s true heroes
August 5, 2014U.S. Rep. Bill Cassidy (R-La.) confirmed in July that some who overpaid for flood insurance will receive refunds beginning Oct. 1.
As part of the Grimm-Cassidy Substitute Amendment to the Homeowner Flood Insurance Affordability Act of 2014, applicable policyholders will soon receive financial relief.
“As so many families are struggling in today’s economy, ensuring that families receive these refunds as quickly as possible must be a priority,” Cassidy said.
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, and they will receive refunds of the difference between the subsidized rates and the higher full-risk rates that policyholders were required to pay as a result of Biggert-Waters.
The law also calls for most rates to be capped at no more than 18 percent per year, resulting in more gradual rate increases, according to FEMA.
All checks are anticipated to be written by the end of 2014, according to FEMA.
