Pascrell, Graves, Crist, Rouzer, Mucarsel-Powell, Rooney Demand Changes to National Flood Insurance Program Re-authorization
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- Sixty-four bipartisan members stress need for affordable insurance rates in letter
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Today,
"This new methodology, known as Risk Rating 2.0, will no longer use flood maps and zones to determine a homeowner's premium rate, but rather a series of models that will 'fundamentally change' a property's individual flood risk assessment and therefor their insurance price," the Members wrote. "While
The Members continue, "we know the negative consequences of hiking premiums after the Biggert-Waters Act of 2012 caused costs to skyrocket, hurting policyholders and a chill was sent through the real-estate market. With Risk Rating 2.0 on the horizon, we encourage you to do everything possible to prevent premium spikes for our constituents. Our constituents cannot suffer from a double-digit rate increase in addition to the fees and surcharges
The Members' full letter can be viewed here (https://pascrell.house.gov/UploadedFiles/NFIP_Premium_Cap_Letter_-_Final.pdf), the text of which appearing below.
The Honorable
The Honorable
The Honorable
The Honorable
We write because our constituents and all Americans deserve a long-term National Flood Insurance Program (NFIP) reauthorization that enhances the affordability, efficiency, fairness, accountability, and sustainability of the program. These reforms should be based on the realities experienced in the aftermath of major flooding and storms our constituents have experienced. Since the last long-term reauthorization, the NFIP has been subjected to 13 short-term extensions. This uncertainty has created significant anxiety for homeowners, renters, and small business owners in our states. We appreciate Chairwoman Waters and Ranking Member McHenry's commitment to a long-term reauthorization and the extensive work they put into bipartisan legislation that reforms the program.
However, we are concerned this proposal does not address premium increases our constituents expect under
In addition, there are many questions surrounding how
As you know, the maximum annual increase for primary residences is 18 percent, with a 15 percent maximum for a rate class. According to
Since
We know the negative consequences of hiking premiums after the Biggert-Waters Act of 2012 caused costs to skyrocket, hurting policyholders and a chill was sent through the real-estate market. With Risk Rating 2.0 on the horizon, we encourage you to do everything possible to prevent premium spikes for our constituents. Our constituents cannot suffer from a double-digit rate increase in addition to the fees and surcharges
We look forward to working with you to address this affordability issue in a long-term NFIP reauthorization.
Sincerely,
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