BATON ROUGE, LA (WAFB) - The Federal Flood Insurance program is a big win for the state, according to Louisiana lawmakers.
Senator Mary Landrieu says the goal is to keep the rates down and help residents keep value in their property.
"Victory is keeping rates as low as possible. Keeping people that have never flooded before out of paying [high] rates so they can keep value and equity in their homes for home owners and businesses," said Landrieu.
Senator Bill Cassidy said, "Reinstating the grandfather clause is incredibly important to anyone considering selling their home or buying a home. What this says is if someone built to code, they had not repetitively flooded, and they wanted to sell their home then, the same grandfathered rate they have, the homebuyer would also have."
The bill would also lower the cap on how much flood insurance premiums can rise and will bring relief to nearly half a million families in Louisiana.