North Shore residents seek info on flood insurance changes - FOX 8 WVUE New Orleans News, Weather, Sports

North Shore residents seek info on flood insurance changes

Updated:
Mandeville, La. -

Some homeowners worried about soaring flood insurance rates on the North Shore got some words of reassurance Wednesday evening.

Several residents gathered for a workshop in Mandeville to learn how FEMA's new flood insurance rates might affect their properties.

The Biggert-Waters Act eliminates discounts for high flood-risk areas and scraps a grandfather clause that kept insurance rates from skyrocketing when buildings were built to earlier standards.

People were told that most homes and businesses in the Mandeville area would not be affected. But more than 1,000 homeowners and businesses whose homes were built before 1979 will likely see increases.

The changes affect communities across south Louisiana, and many local and parish leaders continue to warn Congress of the severe impact they will have on residents and business owners.

The Biggert-Waters Act was created to help stabilize the National Flood Insurance Program, which is currently about $25 billion in debt. Full details on the act and the NFIP are available online at http://www.fema.gov/national-flood-insurance-program/flood-insurance-reform-act-2012.

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