U.S. Rep. Garret Graves (R-LA) led the introduction of a bipartisan bill that would allow National Flood Insurance Program (NFIP) policyholders to elect to keep previous premium rates until that the Federal Emergency Management Agency (FEMA) implement its new NFIP Premium Rate Structure.
“We’ve seen flood insurance rates jump from $600 a year to over $8,000 a year for a single-family home. When you add gas, electricity, inflation, supply chain and other issues in America right now, our families just can’t afford to make ends meet,” said the representing Graves on April 1. “The only option for some will be to just hand over their keys. There is a better way.
Rep. Graves sponsored the Stop Flood Insurance Rate Hikes Act, HR 7364, with five original co-sponsors, including U.S. Rep. Bill Pascrell (D-NJ). If passed, the bill would allow NFIP policyholders to maintain their existing premium rates rather than being forced to apply the new NFIP Risk Rating 2.0 rates until FEMA meets certain liability requirements. and transparency, according to a summary of the invoice provided by Representative Graves’ office.
Additionally, the bill would allow FEMA to reimburse people who have already paid more than their previous premiums, the summary says.
“We secured $6 billion in new funding for flood control, coastal restoration and hurricane protection for southern Louisiana,” the congressman said. “Give us the time to build these projects and it will result in significant flood insurance rates for thousands of people in South Louisiana.
“Hurricanes Laura, Delta, Zeta, Ida and others have done so much damage to our state,” he added. “We don’t need FEMA to add another layer of destruction. Our legislation will address immediate issues while allowing time to provide a long-term solution.
HR 7364 is similar legislation to the Homeowner Flood Insurance Transparency and Protection Act, S. 3934, introduced on March 28 by US Sens. Roger Wicker (R-MS) and Bill Cassidy (R-LA).