Senators Press for Action on Flood Insurance Rates

Press Release

Six lawmakers today jointly and publicly urged congressional leaders to take up legislation that would give millions of consumers relief from dramatic increases in their flood insurance.

The bipartisan group was trying to impress upon congressional leaders how much folks in their states are hurting from these rate hikes. They want Congress to pass stalled legislation they filed that would help.

U.S. Sen. Bill Nelson (D-FL) was joined by five other lawmakers including U.S. Sens. Mary Landrieu (D-LA), Roger Wicker (R-MS), Jeff Merkley (D-OR), John Hoeven (R-ND), and Elizabeth Warren (D-MA).

"We want to put this on hold," Nelson said of the rate hikes. "Insurance that's not affordable is not … insurance."

Last month, Nelson and others filed legislation in the Senate that would delay the flood insurance rate increases for four years and require FEMA to complete an affordability study before increasing any flood insurance premiums in the future.

They are now trying to attach that legislation as an amendment to the National Defense Authorization Bill that is currently being considered by the full Senate. Such a move would have to be approved by leadership.

Last year, Congress passed the Biggert-Waters Flood Insurance Reform Act to make the nation's flood insurance program more financially sound. The program was in a downward spiral mostly since Hurricane Katrina slammed into New Orleans in 2005.

Biggert-Waters eliminated certain subsidies that were being given on many homeowners' flood insurance policies. When the subsidies expired Oct. 1, residents began to see their rates increase drastically.