Press "Enter" to skip to content

Home Builders Association of Greater New Orleans Supports Long-Term Reauthorization of National Flood Insurance Program

NEW ORLEANS — The Home Builders Association of Greater New Orleans (HBAGNO), a non-profit trade association dedicated to supporting the residential housing industry and advocating for the American Dream of home ownership, recently passed a resolution to strongly support long-term reauthorization of the National Flood Insurance Program, as well as advancing key reforms that prioritize affordability, transparency, and policyholder protection.

The National Flood Insurance Program (NFIP) is a vital program that provides essential flood insurance coverage to homeowners, renters, and businesses across the United States, safeguarding them from financial ruin in the event of devastating floods. The current NFIP authorization expires on September 30, 2024, so it is imperative that Congress acts in the next few months to incorporate necessary reforms to address the challenges posed by Risk Rating 2.0.

Refining the NFIP is especially important this year, as insurance premiums have increased dramatically due to the Federal Emergency Management Agency’s (FEMA) implementation of Risk Rating 2.0, leaving policyholders facing affordability challenges. In fact, Louisiana has lost almost 11%, and over 55,000 of its policies under Risk Rating 2.0.

Some of those challenges include the fact that many NFIP policyholders have been unable to clearly understand the basis for their premium calculations, which necessitates the introduction of a premium calculator with greater clarity in the rate-setting process. Specifically in southern Louisiana we need to be shown the return on our investment for the Federally rated levees that we have built to protect our region from floods.

Additionally, NFIP policyholders also lack flexibility in payment options, even though HFIAA requires that FEMA must minimize the number of policies with annual premiums that exceed 1% of total coverage provided by policy, such as the ability to make monthly payments, and require a grace period for policy renewals to prevent lapses in coverage due to unavoidable delays. These improvements to the program must continue to better serve all policyholders.

“We believe Congress has a responsibility to step in and protect American policyholders before the next major storm hits,” said Dan Mills, CEO of the HBAGNO. “Under Risk Rating 2.0, policyholders have faced average annual premium increases of over $900, making it imperative to introduce affordability improvements, including capping annual premium increases at a rate lower than 18% and implementing targeted assistance for homeowners of varying means.”

“As a member, and in partnership with the Coalition for Sustainable Flood Insurance, HBAGNO is committed to supporting the efforts of Senator Bill Cassidy (R-LA), Representative Frank Pallone (D-NJ 6th District), and other key partners who are working towards a bipartisan and bicameral solution to reauthorize and refine the NFIP,” added Mills. “For the good of our community, we strongly support NFIP so that the program can continue to provide education, transparency, and flexibility that will better incentivize mitigation measures and enhance home resilience in our area for years to come.”

To read the HBAGNO’s resolution and Reform NFIP letter or for general information, visit or call 504-837-2700.

Founded in 1941, the Home Builders Association of Greater New Orleans (HBAGNO) provides members with continuing education, events for networking opportunities and advocacy to protect the home building industry. The HBA is a non-profit professional organization serving nearly 1,000 builders and associate members encompassing seven parishes throughout Louisiana, including Jefferson, St. Bernard, St. John the Baptist, St. James, St. Charles, Plaquemines, and Orleans. For more than 80 years the Home Builders Association of Greater New Orleans has served as the voice of the residential housing industry across the metro area.

Media Contact:  Ann Wills for HBAGNO | 504-494-3810 |


Mission News Theme by Compete Themes.