Community Associations Institute (CAI) has joined the Coalition for Sustainable Flood Insurance (CSFI) to take an active role in combating impending rate hikes on National Flood Insurance Program (NFIP) policies. Organizations supporting the CSFI range from regional economic groups to state-based trade associations representing lenders, Realtors, and insurance agents. By partnering with CSFI, CAI is working to keep flood insurance affordable for America’s homeowners while ensuring the long-term stability of the NFIP.
Across the country, a fierce debate over the affordability of flood insurance has begun as numerous community associations and homeowners face crippling flood insurance premium increases. Over the past weeks, hearings have been held in the U.S. House of Representatives and the U.S. Senate to address national concerns over flood insurance increases. Senators and Representatives from across the country are speaking out against the rate hikes, noting reforms to the NFIP enacted by Congress in 2012 were never intended to result in 400 to 600 percent increases in flood insurance premiums.
On September 26, Representative Bill Cassidy (LA-6) began asking members of Congress to sign a letter to congressional leadership requesting that Congress pass legislation to address flood insurance affordability concerns. Recently, Federal Emergency Management Agency (FEMA) Administrator Craig Fugate asked Congress to give him authority to address affordability issues as FEMA implements NFIP reforms previously enacted by Congress.
Although the House of Representatives passed an amendment earlier in the session to delay flood insurance rate increases in areas where flood risk maps have been recently updated, a final vote has been delayed by the impasse over the federal budget. After securing the bi-partisan signatures of over 70 fellow U.S. Representatives, Rep. Cassidy’s letter was sent to House leadership for review. You can view a copy of the letter here.
Congress should take immediate action to grant the administrative flexibility that FEMA is seeking. Please contact your member of Congress and ask that they support a vote on legislation to give FEMA the authority to delay crippling flood insurance premium increases. You can find your representative here.
On October 1, CAI joined with CSFI in submitting a letter to the leadership of the U.S. House Financial Services Committee to express concerns over drastic increases in flood insurance premiums. The letter also encourages Congress to consider longer-term legislation to balance fiscal responsibility with premium affordability. You can view a copy of the CSFI letter here.
Additionally, the House Financial Services Committee will hold a hearing on the subject of flood insurance premiums on October 9th and the CSFI will provide testimony. If you have an example of how the NFIP increase has affected you and your community, please email government@caionline.org.
CAI Government Affairs represents the interests of the 62.5 million people living and working in America’s community associations on legislative and regulatory issues at the local, state, and federal level of government. Contact CAI’s Government Affairs Department at government@caionline.org or (888) 224-4321 with any questions.
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