With rates under the National Flood Insurance Program (NFIP) scheduled to increase on Friday, two Florida Republicans are looking to delay them a year.
U.S. Rep. David Jolly, R-Fla., and U.S. Rep. Gus Bilirakis, R-Fla., teamed up at the end of last week to unveil the Flood Insurance Rate Increase Suspension Act.
With the federal government looking to make Federal Emergency Management Agency (FEMA) more sound, flood insurance premiums and fees are expected to go up with some experts predicting a 9 percent all around increase with some estimates expecting higher increases on business properties.
Jolly said until FEMA was finished with figuring out its agenda, rates should remain where they are despite bills passed in 2012 and 2014.
“The goal of previous reform measures was to create a market for more competitive rates, and in fact lower rates, based on improved mapping and improved data,” Jolly said on Monday. “Unfortunately the FEMA re-mapping process remains ongoing and government data on properties is still not fully being provided to private insurers who could write policies to compete with the National Flood Insurance Program.
“Homeowners should not be subjected to a price increase for flood insurance simply because the federal government hasn’t honored its job to create a more competitive market,” Jolly, who is running for the U.S. Senate, added.
“I’ve witnessed firsthand the plight of homeowners and businesses who were victims of flooding in my district,” said Bilirakis. “These people need our support and protection. My constituents deserve continued access to affordable flood insurance and we must ensure that the National Flood Insurance Program conducts its rate calculations through an open and transparent process. This legislation will prevent unnecessary price increases that would impact thousands of individuals and families while Congress works on a permanent solution to the problem. We need to keep insurance rates affordable to protect those who need it most.”
Jolly also said he would look to use his perch on the U.S. House Appropriations Committee to see if he could postpone the changes.
“We need a comprehensive long-term plan that protects homeowners and businesses,” Jolly said. “The reality is there are a number of possible solutions, but the challenge is mustering the political will of the Congress. Left unchecked, soaring flood insurance rates could cripple our economy and dramatically impact thousands of Florida families.”
The bill was sent to the U.S. House Financial Services Committee at the end of last week.
Reach Kevin Derby at kderby@sunshinestatenews.com or follow him on Twitter: @KevinDerbySSN
