BATON ROUGE, La. (BRPROUD) — US Senator Bill Cassidy has released a report outlining the challenges facing the National Flood Insurance Program, particularly the recent spike in premiums affecting millions of homeowners. His report found that premiums rose by an average of 234% in Louisiana, causing 52,000 people to drop their policies. 80% of policyholders faced higher costs, according to the report. FEMA predicts that up to a million policyholders could lose coverage in the next decade due to these changes. The report also notes issues, including a need for more transparency on how premiums are calculated. There are also potential legal challenges to FEMA's authority to put in place Risk Rating 2.0. Cassidy's report recommends that Congress pass reforms to address these issues. They should cap premium increases, discount those facing rising costs, boost mitigation efforts and simplify the claims process. The report also calls for FEMA to reevaluate its pricing strategy by rolling back Risk Rating 2.0 and using feedback from state and local stakeholders. $1.5 million grant to create software that reduces impact of Louisiana floods “This report confirms what Louisiana homeowners already know—the National Flood Insurance Program is broken,” said Cassidy. “We must understand the problem to properly diagnose it and address it. This report clearly lays out why flood insurance premiums are out of control, but also why there is reason to hope.” Latest News Best small electric cars for 2024 One dead, one wounded in Jefferson Parish double shooting What causes smelly fall mornings? Map: These states have the fewest ‘born-here’ residents What is ranked choice voting and how do I do it?