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U.S. Congressman Garret Graves introduced legislation to give policyholders more options as FEMA implemented its new National Flood Insurance Program (NFIP) premium rate structure Friday. The bill authorizes FEMA to give refunds to individuals who have already paid in excess of their prior premiums.
Graves previously attempted to push this legislation as an amendment to the government funding bill in March 2022. It would have required the FEMA Administrator to publicize the Risk Rating 2.0 pricing methodology (including future rate projections), analyze the future economic and social impacts on communities, and conduct public notice and comment rulemaking. In the meantime, homeowners with rising premiums would be allowed to request that their previous rate be reinstated.
“We have seen flood insurance rates spike from $600 a year to over $8,000 a year for a single home. When you add gasoline, electricity, inflation, supply chain, and other problems in America right now, our families simply can’t afford to make ends meet. The only option for some will be to just turn over their keys. There’s a better way. We’ve secured $6 billion in new flood control, coastal restoration, and hurricane protection funding for south Louisiana. Give us time to get these projects built and it will result in significant flood insurance rates for thousands across south Louisiana. Hurricanes Laura, Delta, Zeta, Ida, and others have harmed so many in our state. Now, we don’t need FEMA adding another layer of destruction. Our legislation will address the immediate problems while providing time to provide a long-term solution,” Graves said.
Cosponsors of the legislation are U.S. Congressmen Bill Pascrell, Randy Weber, Frank Pallone, David Rouzer, and Troy Carter.
Stop Flood Insurance Rate Hikes Act would allow NFIP policyholders to continue their existing premium rates rather than being forced into the new NFIP Risk Rating 2.0 (RR2.0) rates until FEMA meets certain accountability and transparency requirements.
