CRIST-LED BIPARTISAN EFFORT HALTS FLOOD INSURANCE RATE SPIKE

Bipartisan bloc reiterates need for affordable, sustainable flood insurance

Washington, DC – In a joint statement, U.S. Reps. Charlie Crist (D-FL-13), Bill Pascrell, Jr. (D-NJ-09), Garret Graves (R-LA-06), David Rouzer (R-NC-07), Debbie Mucarsel-Powell (D-FL-26), and Francis Rooney (R-FL-19) applauded the decision by the Federal Emergency Management Agency to delay proposed changes to National Flood Insurance Program rate calculations from October 1, 2020 to October 1, 2021. The decision comes after the members led over 60 of their colleagues last week in supporting a delay in Risk Rating 2.0 as part of changes necessary to a long-term reauthorization of the National Flood Insurance Program. Without a focus on affordability, Risk Rating 2.0 threatened to spike flood insurance rates for middle class Pinellas County homeowners.

“We’re encouraged that FEMA is listening to Congress’s concerns about the impacts of Risk Rating 2.0. FEMA’s promise to protect policyholders and minimize any unintentional negative effects in the transition is vital to ensuring the NFIP remains successful. We hope FEMA will more actively engage with Congress to ensure transparency around the fundamental changes they have proposed.

“We led the call for a lower premium cap and delay of Risk Rating 2.0 because our constituents cannot suffer a double-digit rate increase. While this temporary reprieve should prevent rate shocks next year, it does not change that premium hikes are on the horizon. We remain committed to our goal of preventing premium spikes and making the NFIP more affordable. A long-term reauthorization is an opportunity to increase the affordability, sustainability and usability of the program and we must get it right.”

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