Call for Action: National Flood Insurance Program (NFIP)
LOUISIANA REALTORS • June 20, 2018
The National Association of REALTORS (NAR) and Louisiana REALTORS is supporting a national Call For Action
(CFA) beginning June 18th and targeting the United States Senate and House of Representatives to reauthorize the National Flood Insurance Program (NFIP).
If Congress fails to take action to reauthorize the NFIP, it will expire by July 31, 2018 and cause issues in the market with transactions. REALTORS are the front line advocates for homeowners and need to respond and get the message out on the Hill.
David McKey is a broker/owner of Coldwell Banker One in Baton Rouge, LA. McKey has served on the NAR Insurance Committee and has worked hard on the National Flood Insurance Program (NFIP). This video discusses the importance of responding to the Call for Action and why the reauthorization of the NFIP is so important to homeowners and to the economy.
From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple announced today that the Louisiana Department of Insurance (LDI) continues its work to develop a regulation creating benchmark discounts for Fortified roofs in Louisiana. The LDI is working with the National Association of Insurance Commissioners (NAIC) to develop the benchmark discounts using Louisiana-specific data, hurricane modeling and actuarial considerations. “With over 11,000 Fortified roofs in Louisiana and two years-worth of insurer experience with rating for those roofs in our state, now is an appropriate time for the LDI to establish benchmark discounts for homeowners insurance companies operating in our market,” said Commissioner Temple. “These benchmarks are being thoughtfully developed to help consumers receive the discounts they deserve for fortifying their homes while making sure insurers know the benchmarks reflect how much Fortified roofs actually mitigate their exposure to risk across Louisiana.” Like in Alabama’s Fortified benchmark discount structure, the LDI regulation would require Louisiana insurance companies to either meet the minimum benchmark discount established by the LDI or provide actuarial justification for why the company’s discount does not meet the benchmark. Louisiana is the fastest growing state for Fortified roofs in America. To date, over 11,000 Fortified roofs have been installed in Louisiana, including over 4,100 through the Louisiana Fortify Homes Program.
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