Cochran backing bill to delay flood insurance premium increase

U.S. Sen. Thad Cochran (R-Miss.) is supporting legislation that would delay planned National Flood Insurance Program (NFIP) premium increases for one year.

Cochran serves on the Senate Homeland Security Appropriations Subcommittee that approved legislation that would, among other things, impose a one-year prohibition on the use of any Federal Emergency Management Agency (FEMA) funding to implement Flood Insurance Modernization Act of 2012 provisions that will dramatically increase NFIP flood insurance premiums.

“We need to make sure the National Flood Insurance program is solvent, but we can’t make flood insurance protection unaffordable for the average family, business or community. People who live and work near the water provide benefits to the entire country. A one-year delay would give communities more time to plan for and mitigate possible rate changes,” Cochran said. “If prices force citizens or communities out of the program, the fiscal condition of the program could actually be harmed and flood risks will not be well managed.”

Mississippi Business Journal