Florida has joined nine other states in a federal lawsuit challenging an overhaul of the National Flood Insurance Program, arguing the new system is flawed and will drive up premiums for many property owners.
Louisiana, Florida, and the other states are challenging the new system, known as “Risk Rating 2.0: Equity in Action,” that changed the methodology for determining flood-insurance prices.
Among other things, the lawsuit alleges the system improperly considers “hypothetical” future risks and doesn’t properly account for mitigation projects to protect properties from flood damage. The lawsuit claims the overhaul of the National Flood Insurance Program will drive up homeowners’ insurance rates for more than 1 million Florida policies. Simply put, insurance is going to be much more expensive for pretty much everybody, the lawsuit said.
The lawsuit, led by Louisiana Attorney General Jeff Landry, was filed Thursday in the federal Eastern District of Louisiana against defendants including the Federal Emergency Management Agency. It came after the program changes, which were phased in starting in 2021, became fully effective April 1.
The flood insurance program plays a major role for Florida residents, since many are required to have flood insurance because of home mortgages. A document in the lawsuit said the program includes about 1.391 million Florida policies, with total coverage of nearly $367 billion.
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