Sen. Cornyn Sends Letter to FEMA Asking for Delay on Flood Insurance Rate Hikes
He wrote, "Our nation is still recovering from the pandemic, and thousands of families are struggling to make mortgage payments and keep food on the table.
"Failure to delay would mean current NFIP policyholders will not have time to determine how new rates will affect their businesses and homes during a period of unprecedented social and economic hardship."
"I urge
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To: The Honorable
Dear Administrator Criswell:
I write to request you delay implementation of the new National Flood Insurance Program (NFIP) rate-setting plan, Risk Rating 2.0 (RR 2.0). Our nation is still recovering from the pandemic, and thousands of families are struggling to make mortgage payments and keep food on the table.
I recognize NFIP has struggled with solvency as claims have increased with both the number and severity of major floods. A new payment system such as RR 2.0 could help the program become more equitable and provide relief to more homeowners. However,
I am hearing from counties all over my state that the updated Risk Rating 2.0 formula also does not take into full account levee protection. I ask that your administration incorporate mitigated risk levees provide and update rates accordingly. I urge
Thank you for your assistance and consideration.
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