The House passed a bill earlier this evening to address steep hikes in flood insurance rates facing many Mississippi homeowners and businesses.
Superstorm Sandy and last year’s flooding out west were brutal reminders of what Hurricane Katrina did to Mississippi in 2005. These tragedies demonstrate the need for a strong flood insurance program to help innocent victims of natural disasters across the country.
Since the last reauthorization of the National Flood Insurance Program, an unintended consequence has arisen where many homeowners and businesses nationwide will see astronomical increases in their premiums. Some could see their costs rise to such unaffordable rates that it would jeopardize their ability to get or maintain a mortgage.
This is not what Congress had in mind when we reauthorized the program.
Today’s bill made a number of reforms to strengthen the future financial solvency and administrative efficiency of the National Flood Insurance Program, while providing more transition time and protection for current homeowners. From refunding excess premiums to completing an affordability study, this bill helps Mississippians.
Our end goal is to make sure that folks impacted by natural disasters are paid on time. We also want to see the program stand on its own, saving taxpayers money. We are not there yet. But this bill, championed by my good friend Steven Palazzo, puts us on that path.
I am committed to ensuring that an affordable safety net is in place when Mississippians are affected by natural disasters.
Member of Congress