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Thursday, November 7, 2013

Rep. Rahall Introduces Bill to Delay NFIP Rate Increases until FEMA maps are Updated

Democratic Representative Nick Rahall (WV-03) has introduced H.R. 3380, the latest in a series of bills that would delay the flood insurance rate increases mandated in the 2012 Biggert-Waters Act.

Rep. Rahall's bill would delay flood insurance premium increases under the National Flood Insurance Program (NFIP) until FEMA completes a comprehensive review and update of all flood insurance rate maps. The bill would retroactively refund any excess premiums that insureds pay in the meantime.

According to Rahall:  “These drastic premium increases were not intended by Congress and as such homeowners should not be forced to pay them.  My bill would put the brakes on these hikes, make flood insurance participants whole, and gives Congress an opportunity to find a reasonable solution that shores-up the flood insurance program without increasing premiums to unreasonably high levels.”

Other bills introduced in Congress that would delay the rate increases include:
Learn more about H.R. 3380.

Read Rahall's Press Release.