Kennedy asks FEMA to explain plan to raise flood insurance rates – Kennedy.Senate.gov

WASHINGTON – Sen. John Kennedy (R-La.) right now requested Deputy Affiliate Administrator for Fed…….

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WASHINGTON – Sen. John Kennedy (R-La.) right now requested Deputy Affiliate Administrator for Federal Insurance coverage and Mitigation Administration Resilience On the Federal Emergency Administration Agency (FEMA) David Maurstad To answer excellent questions on Hazard Rating 2.0 (RR 2.0). The plan would enhance People’ flood insurance costs by way of the Nationwide Flood Insurance coverage Program (NFIP).

“The NFIP was based on the precept of capturing risk wright hereas making sure This method stays pretty priced for coverageholders. FEMA’s exactity sheets on RR 2.0 state that 3.8 million People will see An enhance Of their coverage, As a lot as $240 per yr. Not solely that, FEMA will proceed To Increase premium costs by 18% till a coverageholder’s premium mirrors their ‘true risk-based mostly premium.’ I am deeply involved that flood insurance will Discover your self to be unpretty priced beneath your proposal. . . . Your actions to roll out RR 2.0 will influence house gross sales, enterprise property values, and exact property commissions all throughout this nation,” wrote Kennedy. 

“RR 2.0 has not had The prospect To revenue from needed public enter, nor do I think about The general public exactly beneathstands their destiny beneath RR 2.0. Traditionally, any vital change to the NFIP has included participation from FEMA and Congress, and This Will not cease with RR 2.0. It is incumbent on FEMA to uphold our nation’s longstanding dedication to clear authorities and due course of. Thorough examination is required for any program’s success,” Kennedy proceedd.

“I am deeply involved Regarding the affordability of flood insurance beneath the RR 2.0 proposal. This proposal will significantly enhance premiums for coverageholders in Louisiana,” he defined.

Kennedy detailed a quantity of Inquiries to FEMA about RR 2.0’s transparency, affordability and effectivity and the influence the plan would have on Louisianians.

“Although FEMA has touted the proposal for RR 2.0 for a quantity of yrs, it stays shrouded in thriller. RR 2.0 Want to be an open and clear course of, And that i ask to further converse about my considerations with you in an in-particular person meeting,” Kennedy concluded.

Textual content material of the letter Is out tright here right here.