Graves: We Need a Long-Term Plan for the National Flood Insurance Program, Not Just An Extension
WASHINGTON, DC – U.S. Congressman Garret Graves (South Louisiana) released the following statement after voting yes on the U.S. House bill that ties hurricane recovery funding and the reauthorization of the National Flood Insurance Program (NFIP) to stopgap emergency government funding (CR). Unfortunately, the CR does not include a delay of Risk Rating 2.0.
“As Louisianians struggle to put their lives and communities back together after Hurricane Ida, the last thing they need to see are higher flood insurance bills. Instead of taking decisive action to fix the NFIP, Congress has decided to kick the can down the road a few more months. While it is important not to let the program lapse, Congress needs to create a long-term plan for the NFIP. There needs to be meaningful reforms to the program that will keep rates down for policyholders in Louisiana, incentivize better flood protection, and give families credit on their policies for their community’s investment in mitigation. We believe the solution is preventing people from ever flooding rather than just charging higher flood insurance rates,” Graves said.
The new insurance premium calculation methodology, Risk Rating 2.0, is slated to begin on October 1, 2021 (new policies), with a second phase going into effect in April of next year (existing policies).
Last week, we offered an amendment to delay Risk Rating 2.0 for a year and it was not included in the stopgap emergency government funding.
Congressmen Garret Graves and Bill Pascrell joined dozens of members of Congress in an effort to block efforts by FEMA to implement substantial flood insurance rate hikes for millions of Americans.
Graves, Pascrell and others are urging Speaker Nancy Pelosi and House Republican Leader Kevin McCarthy to include the groups’ amendment to put a moratorium on the implementation of the flood rate hikes.
Massive rate changes should be subject to additional scrutiny and review by Members of Congress in a long-term reauthorization, not arbitrary FEMA deadlines. A delay in implementing Risk Rating 2.0 is needed to allow Congress time to work on a comprehensive long-term reauthorization of the National Flood Insurance Program.
Graves and Whip Steve Scalise also asked FEMA to delay the implementation of the new NFIP rate-setting program. On May 11, 2021, Graves previously asked for the delay.