Palazzo Says Flood Insurance Bill Addresses Affordability Issues, Flawed FEMA Regulations

Press Release

Congressman Steven Palazzo, (MS-4), today joined a bipartisan, bicameral group of legislators in introducing the Homeowner Flood Insurance Affordability Act. The bill contains a four-year delay to changes to the National Flood Insurance Program (NFIP), halting implementation of rate increases under the Biggert-Waters Act of 2012 until 2 years after FEMA completes the affordability study originally mandated under the law. The newly released legislation would also require the agency to address a host of issues that have arisen from FEMA's selective implementation of measures under BW12.

Palazzo released the following statement:

"This legislation is the product of continuing bipartisan, bicameral efforts to address unintended consequences of BW12 and keep flood insurance affordable and available for residents in South Mississippi and flood-prone areas across the nation. Premiums were never supposed to change until after FEMA conducted affordability studies, took time to review the findings, and adjusted regulations accordingly. FEMA's selective implementation of regulations, as well as questions surrounding changing flood maps, have created a nightmare for many facing increasing flood insurance rates. This proposal would provide the oversight, clarification, and time FEMA needs to right this wrong and provide some peace of mind for NFIP policyholders."

Source