On April 5, Representative David Rouzer (NC-07) 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 premium rate structure last Friday.
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 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 bipartisan cosponsors of the legislation include U.S. Congressmen Garret Graves, Bill Pascrell, Randy Weber, Frank Pallone, and Troy Carter.