Palazzo: Flood insurance bill addresses affordability, flawed FEMA regs

U.S. Rep. Steven Palazzo of Gulfport joined a bipartisan, bicameral group of legislators Tuesday in introducing the Homeowner Flood Insurance Affordability Act.

The bill contains a four-year delay to changes to the National Flood Insurance Program (NFIP), halting implementation of rate increases under the Flood Insurance Reform Act of 2012 until two years after FEMA completes the affordability study originally mandated under the law.

The newly released legislation would also require the agency to address a host of issues that have arisen from FEMA’s selective implementation of measures under the FIRA, more commonly known as Biggert-Waters.

Gulf Live