Rep. Garret Graves introduces legislation to stop surging flood insurance rates
U.S. Congressman Garret Graves introduced legislation to give policyholders additional options in the new National Flood Insurance Program premium rate structure.
The bill authorizes FEMA to give refunds to individuals who have paid in excess of their prior premiums, the south Louisiana representative said in a news release.
Graves previously tried to push the legislation as an amendment in the government funding bill last month. It would have required the FEMA administrator to publicize the Risk Rating 2.0 pricing methodology, analyze the future economic and social impacts to communities, and conduct public notice and comment rulemaking.
“We have seen flood insurance rates spike from $600 a year to over $8,000 a year for a single home. When you add gasoline, electricity, inflation, supply chain, and other problems in America right now, our families simply can’t afford to make ends meet. The only option for some will be to just turn over their keys. There’s a better way. We’ve secured $6 billion in new flood control, coastal restoration and hurricane protection funding for south Louisiana. Give us time to get these projects built and it will result in significant flood insurance rates for thousands across south Louisiana," Graves stated.
He pointed out the devastation brought by hurricanes Laura, Delta, Zeta, and Ida.
"Our legislation will address the immediate problems while providing time to provide a long-term solution,” Graves said.
Co-sponsors of the legislation are U.S. Congressmen Bill Pascrell, Randy Weber, Frank Pallone, David Rouzer, and Troy Carter.
Stop Flood Insurance Rate Hikes Act would allow NFIP policyholders to continue their existing premium rates rather than being forced into the new NFIP Risk Rating 2.0 (RR2.0) rates until FEMA meets certain accountability and transparency requirements.