U.S. Rep. Kathy Castor (D-Tampa/St. Petersburg, FL) and a bipartisan group of Congressional members are urging adoption of legislation filed today to provide relief from flood insurance increases and to continue reforms to ensure financial stability in the fund that provides a national backstop for flood disasters.

“This bipartisan breakthrough will benefit thousands of families and businesses in Florida and other states, and will responsibly analyze flood insurance reform in a measured, reasonable way that focuses on stability for homeowners,” Rep. Castor said. “I am pressing to have Congress act quickly to pass this bipartisan legislation that provides relief for my neighbors, some of whom saw their rates skyrocket overnight." 

Rep. Castor filed similar bipartisan legislation last month that would have delayed the rate hikes until FEMA completed a flood insurance affordability study. The bill filed today, called the “Homeowner Flood Insurance Affordability Act,” requires that FEMA complete the affordability study within two years, and then develop measures that help homeowners and tackle the affordability issues identified by the study over the next two years. These measures would require Congressional review before they are implemented.

The bill also states that FEMA would also have to certify that it can accurately analyze flood risk for individual properties. 

Congress approved the Biggert-Waters Flood Insurance Reform Act in 2012 in an effort to bring solvency to the National Flood Insurance Program, but FEMA did not complete the affordability study mandated by law and subsidies were cut for many homeowners’ flood insurance policies. Subsidies expired Oct. 1 and many property owners saw their flood insurance rates increase.

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