Flood Insurance Passed

Senate Passes Flood Insurance
GNO, Inc. Release


FOR IMMEDIATE RELEASE January 30, 2014
Contact Information: Caitlin Berni, Greater New Orleans, Inc., 504.527.6980cberni@gnoinc.org
Coalition for Sustainable Flood Insurance Commends Senate for Passing Milestone Flood Insurance Measure 
Coalition Now Urging House to Act
Washington, D.C. — Today, Greater New Orleans, Inc. President and CEO Michael Hecht, on behalf of the Coalition for Sustainable Flood Insurance, commended the Senate for overwhelmingly passing the Homeowner Flood Insurance Affordability Act in a 67-32 vote and urged the House to consider the legislation as soon as possible.

“The Senate’s supermajority passage of the Homeowner Flood Insurance Affordability Act today is a milestone moment for our national coalition,” said Michael Hecht, President and CEO of Greater New Orleans, Inc. “When we began to engage this issue last year, many in Congress were not aware of the serious challenges created by the Biggert-Waters Act, which threatens to devastate economies across coastal and riverine America. However, through the leadership of Senators Landrieu and Vitter, as well as the bill’s sponsors, Senators Menendez and Isakson, we now have legislation that will provide short-term relief, as well as a long-term path to developing a fiscally responsible flood insurance program that protects people, property and the economy. We urge the House to act on this legislation as soon as possible.”

“Senate action today is a positive sign that our message is beginning to be heard. Our community in Plaquemines Parish and all of Coastal Louisiana has fought back the effects of hurricanes and the BP oil spill and will continue to work on this issue with our coalition, said Dale Benoit, 2012 GNO, Inc. Chairman of the Board and Plaquemines Parish small business owner. “Hopefully, Congress understands the billions of federal dollars invested to help us rebuild are in vain if outrageous flood insurance rates prevent us from being able to live along our working coast.”

Since May 2013, GNO, Inc. has organized a growing national coalition of business and elected leaders to address harmful changes to the NFIP, which now represents over 200 business and trade associations and local governments in 32 states. As founders of the Coalition for Sustainable Flood Insurance (CSFI), the organization works to address drastic ­ and unintended ­ increases to NFIP rates for home and business owners. A confluence of the Biggert-Waters Act of 2012 (meant to stabilize NFIP), incomplete FEMA maps and questionable actuarial calculations has led to premium increases of up to 3,000% and more ­ for policy-owners who have never flooded and who have built as the government told them.

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About the Coalition for Sustainable Flood Insurance

The Coalition for Sustainable Flood Insurance (CSFI) is a national coalition that works to address drastic ­ and unintended ­ increases to NFIP rates for home and business owners. CSFI supports a financial stable National Flood Insurance Program that balances premium affordability with financial solvency.

More information can be found at www.csfi.info.

About Greater New Orleans, Inc.

GNO, Inc. is the regional economic development organization, serving to coordinate, consolidate, and catalyze economic development activity. The GNO, Inc. Mission is to create jobs and wealth in the Greater New Orleans community. The GNO, Inc. Vision is for the Greater New Orleans region to fulfill its potential as one of the best places in the country to grow a company, and raise a family.

365 Canal Street, Suite 2300, New Orleans, LA 70130 Phone: 504.527.6900 Fax: 504.527.6970 www.gnoinc.org 

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