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With my support, the
Although the bill does not completely halt the rise in rates, as I have proposed, it does slow the increase and allow policy holders, including new homebuyers, to keep previously subsidized rates. It also restores grandfathered flood risk zones, which means that policy holders would continue paying lower rates even if their risk assessment has changed under revised flood maps.
In addition, the bill requires the
In the meantime, I continue to press
All of this is necessary because of the Biggert-Waters Flood Insurance Reform Act of 2012. This legislation reauthorized the National Flood Insurance Program for five years and made revisions to the Program to ensure its long-term sustainability. It requires for the first time that the National Flood Insurance Program be actuarially sound, which means premium rates that are charged must be based on actual risk.
As a result of Biggert-Waters, flood insurance rates have increased to ridiculous levels for some homeowners. Because of the rate increases, not only have some properties become unaffordable for existing homeowners, but it also has become difficult or impossible for owners to sell their homes.
Knowing that rising premiums are placing a considerable financial burden on
I also questioned
In my letter, I criticized the agency for moving ahead with premium rate increases before completing the study mandated by
West Virginians should not be forced to hire surveyors out of their own pockets at considerable cost in order to dispute flood maps. We certainly should not have to pay higher premiums because of flawed maps.
Our State's residents and businesses deserve to pay affordable premiums that are based on accurate maps. That is not too much to ask.
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