Where I Stand
Many people in Mississippi are concerned over the rising cost of flood insurance. While most agree that these rates should be actuarially sound, the severe way in which FEMA is implementing these changes is negatively impacting our communities.
After more than a year’s work, the House & Senate was successful in passing legislation that restores grandfathered rates to properties and prevents FEMA from moving the goal posts on those who built back to code after Hurricane Katrina. The legislation also removes the home sale trigger that would drastically increase flood insurance premiums. In addition, the bill holds FEMA accountable to accurate and fair mapping, as well as requiring an affordability framework to be provided within 18 months after the affordability study is conducted. The President signed the measure in to law on Friday, March 21, 2014.
I am grateful to local leaders for their support and tireless work to bring awareness to Congress and FEMA on the importance of keeping flood insurance available and affordable not just for South Mississippians, but all flood insurance policy holders in the country.