U.S. Rep. Garret Graves (R-LA) led the introduction of a bipartisan bill that would permit National Flood Insurance Program (NFIP) policyholders to elect to have previous premium rates remain in effect until the Federal Emergency Management Agency (FEMA) implements its new NFIP premium rate structure.
“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,” Rep. Graves said on April 1. “The only option for some will be to just turn over their keys. There’s a better way.”
Rep. Graves sponsored the Stop Flood Insurance Rate Hikes Act, H.R. 7364, with five original cosponsors, including U.S. Rep. Bill Pascrell (D-NJ). If enacted, the bill would allow NFIP policyholders to continue their existing premium rates rather than being forced into the new NFIP Risk Rating 2.0 rates until FEMA meets certain accountability and transparency requirements, according to a bill summary provided by Rep. Graves’ office.
Additionally, the bill would authorize FEMA to provide refunds to individuals who have already paid in excess of their prior premiums, the summary says.
“We’ve secured $6 billion in new flood control, coastal restoration and hurricane protection funding for south Louisiana,” the congressman said. “Give us time to get these projects built and it will result in significant flood insurance rates for thousands across south Louisiana.
“Hurricanes Laura, Delta, Zeta, Ida, and others have harmed so many in our state,” he added. “We don’t need FEMA adding another layer of destruction. Our legislation will address the immediate problems while providing time to provide a long-term solution.”
H.R. 7364 is similar legislation to the Homeowner Flood Insurance Transparency and Protection Act, S. 3934, cosponsored on March 28 by U.S. Sens. Roger Wicker (R-MS) and Bill Cassidy (R-LA).