More Than 50 Lawmakers Express Concerns Over FEMA’s Flood Insurance Pricing
More than 50 House lawmakers have sent a letter to Federal Emergency Management Agency (FEMA) Administrator Deanne Criswell expressing concerns over the National Flood Insurance Program’s (NFIP’s) new Risk Rating 2.0 mechanism that has resulted in increased premiums for millions of Americans.
Lawmakers are requesting information from FEMA on how the agency determines which communities are hit by flood insurance rate increases, asserting that the process “has been less than transparent” and that the “new methodology for determining risk and therefore policyholder premiums has accelerated home owners simply giving up and dropping their policies.”
NAHB has been advocating on Capitol Hill about the lack of transparency in setting flood insurance rate increases and we are pleased that lawmakers have responded positively and are sharing these concerns with the FEMA administrator.
Communities and home owners across the nation are being hit with rate hikes.
More from NAHB, including how on one Texas county has seen a vast majority of their home owners experience a rate increase under Risk Rating 2.0.