Flood insurance revamp backed by GOP angers LoBiondo, other N.J. congressmen
The program has been under fire because it is deeply in debt, discounts premiums for too many people, continues insuring properties that flood repeatedly, and forces residents in low-risk areas to subsidize flood-prone communities.
Moreover, many
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"But now we have a situation that makes me angry -- angry because we are picking winners and losers, angry because the misery index for some members is more important than the misery index in my district or the Northeast," said LoBiondo on the floor before voting against the bill.
LoBiondo, who has announced he will not seek reelection this year, represents the
Specifically, LoBiondo said he wants premium raises capped at
Democratic Congressmen
One provision would raise the minimum annual increase on properties considered "grandfathered," meaning they were built before the
Pallone and Pascrell say they object to the price hikes that could hit owners of older homes that aren't in wealthy beach communities.
Reduced premiums have long been a sore point for detractors of the flood-insurance program. Some previous recommendations call for all discounted premiums to be scrapped.
Opponents say the bill also doesn't address how to handle the huge debt the program carries. Even before this year's trio of devastating hurricanes, the program was
The flood insurance program has allowed
Republican congressmen
The bill "is certainly not flawless," he said in a statement that touted the fact that it prohibits
Elsewhere, the
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