Mississippi lawmaker addresses myths surrounding flood insurance increases and the homeowners affected
WASHINGTON, D.C. – January 13, 2013 – (RealEstateRama) — Congressman Steven Palazzo, (MS-4) this week spoke on the House floor as part of continuing efforts to draw attention to the need for flood insurance reform and dispel myths about the homeowners affected by rising flood insurance rates.
In his remarks, Palazzo stated: “There are those who have said: these people are just a bunch of wealthy, waterfront homeowners. That’s simply not true. I can tell you that is not the case in my district. I’m hearing from teachers, veterans, fishermen, people who work at the shipyards in support of our Navy. These are everyday Americans, some of whom live 50 or 100 miles or more inland.
“These are folks who have been responsible, maintained flood insurance policies for years, and sunk untold thousands of dollars of their own funds into their communities’ recovery from Hurricane Katrina. They built back to higher FEMA standards, many of them invested in mitigation against future risk. They used every tool at their disposal and went to great lengths and great costs to comply with the law and do their part. And now, they’re being punished for that.”
Palazzo serves as Vice Chairman of the Home Protection Caucus and was instrumental in passing a one-year delay for flood insurance rates in the House of Representatives in June 2013 by a vote of 281-146. The Senate has yet to act on that measure. Palazzo has continued work to bring more comprehensive flood insurance reform measures to a vote on the House floor, something leadership has indicated will happen as early as late January.
“We’re not just talking about a few folks along the coast,” Palazzo stated. “We’re not talking about wealthy, waterfront homeowners looking for a taxpayer handout. Anyone who says otherwise is either incredibly misinformed or blatantly misleading the American people.”
In August 2013, Palazzo hosted FEMA Associate Administrator David Miller in South Mississippi to show firsthand the effects of rate increases on homeowners and communities that built back to code following Hurricane Katrina. He is an original cosponsor of the Homeowner Flood Insurance Affordability Act, which is partially modeled on legislation Palazzo first introduced in March of this year. Both plans would institute immediate relief with delays to rising flood insurance rates, while providing time to allow for the affordability studies mandated by BW-12.
Click here for Palazzo’s full remarks.