Seventy-three members of the House of Representatives on Friday said that Congress should provide relief from flood insurance rate increases scheduled to take effect today. They called for the House to pass an amendment to the FY 2014 homeland security appropriations bill.
“This provision would shield certain flood insurance policyholders from excessive rate increases triggered by FEMA flood insurance rate map changes,” the members wrote. “This is a positive step toward providing a comprehensive solution to the affordability challenges plaguing the National Flood Insurance Program.”
The rate increases, which are calculated based on changes to FEMA flood maps and the reduction of subsidies, are taking effect under the 2012 Biggert-Waters flood insurance reform law, which was intended to restore the NFIP to fiscal health.
Read the letter.
In related news, the ABIA/ABA flood insurance symposium that was to be held today, October 1st, has been postponed due to the government shutdown. Please continue to monitor the ABIA Bank Insurance Connection for updates on when this event will be rescheduled.