Several Senate Republicans on Tuesday urged the Federal Emergency Management Agency to terminate the National Flood Insurance Program’s current risk rating methodology, which the lawmakers say has led to a steep increase in premiums paid by property owners.
The lawmakers in a letter to FEMA acting Administrator Karen Evans wrote that they want swift action from FEMA to deal with increased flood insurance premiums in every state. They argue that the price increase has led to tens of thousands of homeowners dropping flood insurance coverage altogether, which could destabilize the broader federal insurance program.
“Time is of the essence. Each year Risk Rating 2.0 remains in place, participation continues to erode, the insurance pool weakens, and taxpayer exposure grows. Immediate action must be taken to stop the actuarial death spiral. We urge FEMA to act promptly to correct course and ensure the NFIP fulfills its core mission of protecting homeowners, communities, and federal taxpayers alike,” wrote Sens. John Kennedy (R-La.), Bill Cassidy (R-La.), Cindy Hyde-Smith (R-Miss.), Roger Wicker (R-Miss.), Jim Justice (R-W.Va.), Shelley Moore Capito (R-W.Va.), Tommy Tuberville (R-Ala.) and John Cornyn (R-Texas).
FEMA did not immediately respond to request for comment.
