Palazzo Opposes Bill that Would Raise Flood Insurance Premiums
Washington, DC – Congressman Steven Palazzo (MS-4) today voted against the 21st Century Flood Reform Act which would increase premiums for policyholders.
“Despite my many efforts to propose changes that will protect homeowners and make insurance available and affordable, the committee chose to move forward on a bill that will increase premiums. I cannot vote for legislation that could have the same unintended consequences that were in the 2012 Biggert-Waters reform package.”
“I’ve made South Mississippi’s priorities evidently clear and these were not included in the bill that came to the house floor. I will not support legislation that increases premiums, while also neglecting to address the programs debt.”
The 21st Century Reform Act speeds the rate of annual premium increases for policyholders and increases additional fees and surcharges. The impact of several provisions that will be used to determine premiums for coastal and inland properties, replacement costs and other risk assessment tools is still unknown.
Congressman Palazzo is a co-chairman of the Home Protection Caucus that works to ensure accessibility and affordability of flood insurance for homeowners. There are 64,447 Mississippians who are provided coverage through the NFIP, which is set to expire on Dec. 8.