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"Insurance is unaffordable," Attorney General Liz Murrill on flood insurance rates

Louisiana has one of the highest flood insurance rates in the country, Attorney General Liz Murrill takes on FEMA to address rate hikes
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LOUISIANA ATTORNEY GENERAL LIZ MURRILL
Posted at 8:16 PM, Apr 05, 2024
and last updated 2024-04-07 14:33:54-04

LAFAYETTE, La. — Louisiana Attorney General, Liz Murrill, addressed her top priorities during her first 90 days in office.

One of her main concerns is addressing flood insurance in Louisiana. Murrill, is one of several officials across the US who filed a lawsuit against FEMA challenging FEMA’s rate increase for the National Flood Insurance Program.

In a blow to the case this week, US District Judge for the Eastern District of Louisiana, Darrel James Papillion denied a request for an injunction which would stop amendments to the National Flood Program.

“It's a huge problem and I know it’s one that not only am I trying to solve but our congressional delegation is trying to solve too."

Under FEMA’s Risk Rating 2.0, insurance premium prices will be increased by 17.9% with some parishes seeing an increase of over 500% in rates.

“Our entire congressional delegation has been trying to get information from FEMA about the basis for the rate increase that have been imposed on us. We dug deep into what FEMA had done and took it as far as we could to figure out the answer to that question and frankly there's a point in which no one can get any information, including our members of Congress."

With the 2024 hurricane season expected to be the most active on record with 23 named storms and 11 hurricanes, there are concerns heading into this busy hurricane season.

The average cost of flood insurance in Louisiana is over $700 dollars a year-higher than the national average- but with the rate increase, those prices could get even higher.

Murrill agrees with homeowners that the cost of insurance is too high.

"Insurance is unaffordable and if homeowners insurance is unaffordable then that means you can't afford a home."