Senators Press for Flood Premium Relief

Mortgage & Real Estate

A powerful block of U.S. senators is seeking to delay a scheduled hike in flood insurance premiums and they want to attach their rider to any legislation moving through the Senate that has a chance of reaching the President Obamas desk.

The premium increases are mandated by the Biggert-Waters flood insurance reform that was passed by Congress in 2010. The bill was designed to put the debt-ridden National Flood Insurance Program on sounder financial footing.

However, critics lead by Sen. Mary Landrieu, D-La., claim that homeowners are facing premium increases of a few hundred dollars to tens of thousands of dollars.

Landrieu, along with 22 other senators, is pressing Senate leaders to support a temporary delay in premium hikes, and include such a provision in bills being passed by Congress to deal with the government shutdown and raising the debt ceiling.

While we continue to work together for a comprehensive and fiscally responsible legislative solution, it is imperative that we provide immediate rate relief for impacted policyholders and we request the inclusion of the provision in any viable legislative vehicle that may be available, according to the letter signed by 23 senators.

Sens. Landrieu, Johnny Isakson, R-Ga.; Brian Schatz, D-Hawaii; Patrick Leahy, D-Vt.; Thad Cochran, R-Miss.; Jack Reed, D-R.I.; Charles Schumer, D-N.Y.; Bill Nelson, D-Fla.; Mark Pryor, D-Ark.; David Vitter, R-La.; Robert Menendez, D-N.J.; Bernie Sanders, I-Vt.; Amy Klobuchar, D-Minn.; Sheldon Whitehouse, D-R.I.; Jeff Merkley, D-Ore.; Kirsten Gillibrand, D-N.Y.; Al Franken, D-Minn.; John Hoeven, R-N.D.; Marco Rubio, R-Fla.; Tim Scott, R-S.C.; Elizabeth Warren, D-Mass.; Heidi Heitkamp, D-N.D.; Ed Markey, D-Mass.; and Roger Wicker, R-Miss., signed the Oct. 11 letter.

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