Hurricane Ida ravaged parts of
"We are extremely concerned about the administration's decision to proceed forward with the implementation of this program without first determining an alternative that avoids the prospect that hundreds of thousands of families will be inclined to forfeit flood insurance on their homes," wrote the senators in a letter to FEMA Administrator
The senators expressed their support for more accurate rating methodologies that would help with the solvency of the NFIP, but remain deeply troubled that nearly eight-in-ten NFIP policyholders will see premium increases nationwide and that around 900,000 policyholders will drop their insurance because of the hikes.
"We are troubled that
Cassidy and Menendez have been strong advocates in the
They introduced the National Flood Insurance Program Reauthorization and Reform (NFIP Re) Act of 2019, which would tackle systemic problems with flood insurance, lower the cap on annual premium increases to ensure policies are affordable for homeowners, put the NFIP back on solid fiscal ground, and reframe the nation's entire disaster paradigm to one that focuses more on prevention and mitigation to spare the high cost of rebuilding after flood disasters.
This month Cassidy co-sponsored the National Flood Insurance Program (NFIP) Extension Act of 2021 to extend the program for one year, to
Yesterday, Cassidy took to the Senate Floor speaking about the National Flood Insurance Program (NFIP), which is set to expire while it's in the midst of rolling out new policy--Risk Rating 2.0--that will raise premiums for hardworking
"For some, premiums may become unaffordable and could collapse the value of their homes. These costs will be borne by middle class families. This clearly violates the President's pledge not to increase costs on people making less than
Read the full letter here https://www.cassidy.senate.gov/download/risk-rating-20-letter or below.
Dear Administrator Criswell,
We write to urgently request that you delay the new
It is our understanding that internal analysis shows that
The actuarial premiums that homeowners will see once Risk Rating 2.0 is fully implemented are much higher than what
We are entering the height of hurricane season, and tens of thousands of Americans have already faced destruction of their homes and livelihoods by Hurricane Ida alone. Tragically, this historic storm led to at least 84 deaths and caused tens of billions in unmet needs and property damage. Flood providers are currently inundated with processing flood claims. With
To make matters worse,
In addition, we still have questions and have yet to receive information related to how Risk Rating 2.0 will evaluate and account for levees. States that invested in levees should have that mitigating risk factor taken into account when calculating premiums for homes and small businesses. We hope that
Given these uncertainties, we request that you delay implementation of Risk Rating 2.0 immediately in order to provide time for full Congressional oversight, coordination and correct and transparent implementation.
Thank you for your attention to this matter.
Read this original document at: https://www.cassidy.senate.gov/newsroom/press-releases/cassidy-menendez-lead-colleagues-on-fema-to-delay-risk-rating-20