Legislation
would delay hikes for four years and call for two-year affordability study
WASHINGTON, D.C. - Congressman Jim Langevin (D-RI)
joined as an original cosponsor of the “Homeowner Flood Insurance Affordability
Act,” a bill introduced today that would delay increases in federal flood
insurance rates for four years. This legislation calls for a two-year
affordability study, followed by an additional two-year delay to implementation
of new rates mandated in the Biggert-Waters Flood Insurance Reform Act. This
delay applies to primary residences, including those sold after July 6, 2012.
“Homeowners in Rhode Island coastal communities are already
seeing significant increases in their flood insurance rates, rates that, for
some, are unsustainable,” said Langevin. “These families have already been
through enough, seeing their homes damaged and memories destroyed by the rising
floodwaters in the wake of Hurricane Sandy. I understand that reforms are
needed in the federal flood insurance program, but those changes should not
come at the cost of someone losing their home.”
The Homeowner Flood Insurance Affordability Act requires the
Federal Emergency Management Agency (FEMA) to set regulations addressing
affordability within 18 months after the completion of the study. The bill
eliminates the 50 percent cap on state and local contributions to levee
construction or reconstruction; allows FEMA to utilize National Flood Insurance
Funds to reimburse policyholders who appeal a map determination; protects the
basement exemption that allows the lowest proofed opening in a home to be used
for determining rates; and requires FEMA to certify that it has fully adopted a
modernized risk-based approach to analyzing flood risk. The bill also
establishes a Flood Insurance Rate Map Advocate within FEMA to answer
policyholder questions.
“As Rhode Islanders know all too well, so-called ‘100-year
storms’ are becoming more frequent, providing a stark reminder that climate
change is a reality we have to adjust to,” Langevin continued. “But as we work
on mitigation efforts and improving our coastal defenses to superstorms like
Sandy, we must protect our homeowners. Thousands of individuals and families
are insured under the National Flood Insurance Program, and we cannot price
them out of their homes.”