Actuarially-based flood insurance rates scheduled to be phased in starting next year are unaffordable to Louisiana's coastal residents, and could have a devastating impact on the state's economy, the state's insurance commissioner says.
Jim Donelon made his comments to PC360 as he prepared for a critical meeting Thursday with Federal Emergency Management Agency (FEMA) Associate Administrator David Miller, who oversees the National Flood Insurance Program.
Miller is also scheduled to meet Friday with officials in Mississippi because of the impact of the rate increases on the state's coastal areas.
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