Congresswoman Frederica S. Wilson Takes Action To Stop Flood Insurance Rate Increases

Statement

As the nation marks the one year anniversary of Hurricane Sandy and its devastating accompanying floods, Congresswoman Frederica S. Wilson (FL-24) today announced actions to protect Floridians from flood insurance rate increases. In addition to introducing the Homeowners' Defense Act of 2013--a bill to strengthen state-sponsored insurance funds and enhance their ability to serve homeowners who are unable to obtain coverage--Congresswoman Wilson has co-sponsored the Homeowner Flood Insurance Affordability Act, a bipartisan bill to delay most flood insurance rate increases for a period of four years. The Homeowner Flood Insurance Affordability Act also requires the Federal Emergency Management Agency (FEMA) to propose a new flood insurance regulation framework that addresses affordability issues. Congresswoman Wilson issued the following statement:

"Every homeowner needs insurance. As a Member of Congress from a state that is highly vulnerable to severe weather, I am absolutely committed to ensuring affordable access to flood insurance.

"The Homeowners' Defense Act of 2013, which I sponsored in Congress, establishes a national Consortium for state-sponsored insurance funds to voluntarily bundle their catastrophe risk with one another, and then transfer that risk to the private markets through catastrophe bonds and reinsurance contracts. This bill will go a long way toward making insurance affordable and available.

"The Homeowner Flood Insurance Affordability Act, which I have co-sponsored, grants FEMA the time it needs to develop cost-cutting reforms. The bill stops a tidal wave of rate increases that are set to strike homeowners. I am so pleased to see Democrats and Republicans coming together to support these sensible and urgently-needed actions."

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