FEMA Admits House Flood Delay Could Stave Off Rate Hikes Until June 2016
Washington, February 6, 2014
Tags: Flood Insurance Reform
WASHINGTON, D.C. – Congressman Steven Palazzo, (MS-4), released the following statement in response to a FEMA announcement today that a Palazzo-Cassidy-Grimm House flood insurance delay measure could set the agency back as much as two additional years in implementing drastic rate increases on homeowners with grandfathered policies.
“In the initial delay language that was crafted in the House, we made sure to halt all FEMA activity to implement these drastic rate increases on some homeowners. Because of that language, FEMA admitted today that our actions will have much further reaching impact on their ability to enact rate increases. This could buy homeowners as much time as two extra years as we continue to fight flawed and unfair FEMA practices and work to enact further reforms in both houses of Congress.”
Prior to today’s announcement, grandfathered rates were expected to go into place in October 2014 when the House delay allowed FEMA to resume activity implementing Section 207 of Biggert-Waters 2012. Palazzo serves as Vice Chairman of the Home Protection Caucus and was instrumental in passing the House one-year delay that was recently signed into law as part of the omnibus budget bill. He has led the coalition that is actively working to bring broader flood insurance reforms to the House floor for a vote as soon as possible.