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Flood insurance rate hikes delayed

Flood insurance rate hikes delayed

By: Magnolia Tribune - February 7, 2014

FEMA says flood insurance rate hikes could be delayed an extra year

FEMA announced today that a House flood insurance delay measure co-authored by U.S. Rep. Steven Palazzo, R-Biloxi, could set the agency back as much as two additional years in implementing drastic rate increases on homeowners with grandfathered policies.

“In the initial delay language that was crafted in the House, we made sure to halt all FEMA activity to implement these drastic rate increases on some homeowners,” Palazzo said in a news release from his office. “Because of that language, FEMA admitted today that our actions will have much further reaching impact on their ability to enact rate increases.

“This could buy homeowners as much time as two extra years as we continue to fight flawed and unfair FEMA practices and work to enact further reforms in both houses of Congress.”


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Magnolia Tribune

This article was produced by Magnolia Tribune staff.