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Tuesday, November 12, 2013

More States Support Mississippi Suit to Delay Flood Insurance Rate Hikes

Last month, Mississippi Insurance Commissioner Mike Chaney filed suit with a federal court to delay flood insurance rate hikes included in the Biggert-Waters Act. Mississippi is suing the Federal Emergency Management Agency (FEMA), who administrators the National Flood Insurance Program (NFIP), and FEMA Director Craig Fugate.

Florida, Alabama, Louisiana, and now South Carolina have filed amicus briefs with the court in support of Mississippi's lawsuit.

The states are concerned that the Biggert-Waters flood insurance rate increases could result in consumers experiencing rate increases over 3000% and some consumers may lose their property because they are unable to meet the steep rate increases.

Read the Mississippi compliant filed with the Court.