Some U.S. homeowners who rely on the National Flood Insurance Program (NFIP) to cover their homes have discovered that their insurance premiums – or the premiums a buyer of their home must pay – have skyrocketed.
In response, a number of U.S. senators and representatives have floated ideas for bills that would ease the transition to the program’s ultimate goal over time: across-the-board flood insurance rates that are actuarially sound. But an immediate increase to actuarially sound rates could make it difficult for some homeowners to sell property or, in some cases, keep a home if their mortgage company requires flood insurance coverage.
With the next round of rate increases effective Oct. 1, time is running out for lawmakers to pass anything to ease some homeowners’ burdens, however. Different types of relief are being considered, but the politics required for passage can add additional hurdles to the process. It could be a stand-alone bill or attached to a larger bill, for example, and some of the larger bills in Congress right now are controversial.
In addition, flood insurance isn’t a hot-button issue for all lawmakers, though it ranks high with representatives from coastal states, such as Florida and Louisiana.
If this issue is important to you lets contact our representatives in Washington and see if we can get them off of their cans.
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