WASHINGTON, D.C. – Congressman David Rouzer (NC-07) has announced introduction of H.R. 7364, the Stop Flood Insurance Rate Hikes Act in the House of Representatives. This legislation gives existing policyholders more options as FEMA announced implementation of its new National Flood Insurance Program (NFIP) premium rate structure.
“There are serious transparency concerns surrounding Risk Rating 2.0, and I am extremely concerned to see FEMA move forward with implementation,” said Rep. Rouzer. “Families in Southeastern North Carolina have seen their flood insurance rates increase from $500 a year to over $4,000 a year for a single home — and this is just a sample of what is occurring.
“Combined with the 40-year high in inflation and sky-rocketing gas and energy costs, families are paying more for just about everything. We don’t need FEMA piling on another layer of uncertainty for policyholders. This legislation will allow the 74 percent of North Carolina policyholders potentially facing premium increases to keep their current rate until FEMA provides clarity and transparency of the process and data input under Risk Rating 2.0.”
The Stop Flood Insurance Rate Hikes Act would allow NFIP policyholders to continue their existing premium rates rather than being forced into the new NFIP Risk Rating 2.0 (RR2.0) rates until FEMA meets certain accountability and transparency requirements. The bill authorizes FEMA to give refunds to individuals who have already paid in excess of their prior premiums.
Original cosponsors of the legislation include U.S. Congressmen Garret Graves (LA-06), Bill Pascrell (NJ-09), Randy Weber (TX-14), Frank Pallone (NJ-06), and Troy Carter (LA-02).