Congressman Steven Palazzo (R-MS) introduced legislation, H.R. 1267, which would "freeze all rate hikes for one year and slow the growth of rate increases to flood insurance policies over the next ten years." The bill was referred to the House Committee on Financial Services.
According to Rep. Palazzo's press release:
“Some homeowners and small businesses on the Gulf Coast are facing a lot of uncertainty right now as a result of new increases scheduled to take effect over the next two years,” Palazzo stated. “I absolutely believe we must make changes to keep NFIP solvent --- people need access to affordable insurance. What I disagree with is the severe and unfair way these rates are increased over the next few years under current law. The financial strain on families, small businesses, and new homebuyers could ultimately affect South Mississippi’s economy. Many have already spent a lot of time, sweat and money rebuilding their lives after Hurricane Katrina. We have to get ahead of this now if we want to keep affordable insurance available for Mississippians.”
The full text of the bill is not yet available.
Learn more about H.R. 1267.
Read Rep. Palazzo's press release.