Rep. Steve Scalise (R-La.) applauded a congressional agreement on Friday that would prevent flood insurance rate increases proposed under the Biggert-Waters Flood Insurance Reform Act of 2012.
House Minority Leader Rep. Eric Cantor (R-Va.) recently said the House would take up a “modified” version of a Senate bill that would delay most flood insurance premium increases for four years.
Cantor said Scalise has been “instrumental” in working toward a solution to flood insurance rate increases.
BW12 reformed the National Flood Insurance Program to reduce its dependency on taxpayer funding and address the program’s $24 billion deficit. Flood insurance rate maps were redrafted under the measure, which would lead to higher premiums for some homeowners and business owners.
Scalise said the agreement reached on Friday between key players in the House, including Cantor, would do more than delay implementation of the law in an effort to provide relief and stability to Louisiana families and businesses who are confronted with rate hikes.
“For months I’ve worked with my colleagues to build a strong coalition in the House dedicated to preventing unrealistic and unaffordable flood insurance rate hikes that threaten hundreds of thousands of Louisiana families,” Scalise said. “(Friday’s) announcement is a clear sign that the House is committed to addressing this problem with real long-term solutions that will give certainty and peace of mind to homeowners who have played by the rules.”