U.S. Rep. David Jolly (R-FL) recently introduced a bill that would delay increases in flood insurance premiums for specific properties in Florida for 12 months.
U.S. Rep. Gus Bilirakis (R-FL) and Jolly introduced the Flood Insurance Rate Increase Suspension Act, H.R. 4866, to shield Florida homeowners from impending premium increases.
“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. “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.”
Without legislative action, National Flood Insurance Program (NFIP) rates are set to increase on April 1. Jolly, a member of the House Appropriations Committee, has also explored options to suspend rate increases through the appropriations process.
“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.”