Attorney General Jeff Landry, Solicitor General Liz Murrill, Greater New Orleans Inc. CEO Michael Hecht and Parish Presidents and Levee District Directors announced a lawsuit to protect Louisiana homeowners and small businesses from the rising flood insurance costs.
“FEMA’s flawed flood insurance formula will force Louisiana families and homeowners into bankruptcy or foreclosure,” explained Attorney General Landry. “We are fighting to protect these hard-working people from this latest federal abuse.”
“Throughout Louisiana and many other states, homeowners and small businesses are struggling to afford flood insurance. The rising costs are directly attributable to federal government bureaucrats taking something that has worked for decades, shrouding it in mystery, and then making it worse,” said Attorney General Landry. “Thanks to FEMA’s Risk Rating 2.0, flood insurance policies have become their own natural disaster with some premiums increasing tenfold for policyholders. We believe there are legal deficiencies in these poor decisions, and we intend to hold these bureaucrats accountable”
At a press conference Thursday morning, Attorney General Landry was joined by local and state leaders who challenged FEMA’s new formula, which has forced residents of Louisiana to drop their flood insurance coverage, drop their flood insurance coverage or, in some instances, surrender their homes to the banks and close their businesses forever.
"While the great Nash Roberts could not always predict which direction a hurricane would take, FEMA’s new model somehow claims to predict the future of flooding in areas that have never flooded before,” added Attorney General Landry. “This type of prophecy cannot even be found in Jackson Square! Yet, the DC theorists are calling it; and they are completely disrupting the housing market and the economy across our State and our Nation.”
The announcement can be viewed below:
