I have not been on forum much lately, so you all may already know.
From NSPS:
Senate passes bill to delay flood insurance reform
NSPS
The U.S. Senate on January 30 passed a bill to delay new rates for flood insurance by a vote of 67-32. The bill, S. 1926, delays the effective date of key finance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The bill faces an uncertain future in the House due to opposition from conservative groups opposed to the cost of the bill and shift of financial responsibilities from individual homeowners to taxpayers generally and by environmentalists who oppose subsidized construction in coastal and flood prone areas, as outlined in an editorial by the Washington Post. The bill also calls on FEMA to develop a flood mapping approach that "results in technically credible flood hazard data in all areas where Flood Insurance Rate Maps are prepared or updated."
Delaying the inevitable with the old game of politics, but if there is money to be made, we all know where this is going.
It will come to fruition and hit home owners very hard in the pocketbook sooner than later.
That is what I have been told from some reliable sources.
Randy
I don't think anyone is saying that raising rates is a bad idea. The NFIP is obviously underfunded. The problem is how Biggert Waters does it. It's basically keeping the rates the same for about 80% of owners, and raising the rates by thousand (or tens of thousands) on the other 20%.
IMO, they should have figured out what the shortfall is, and raise everyone's rates by 5% or 10% until the gap is filled, and keep the PreFirm and Grandfather Clause.
> I don't think anyone is saying that raising rates is a bad idea. The NFIP is obviously underfunded. The problem is how Biggert Waters does it. It's basically keeping the rates the same for about 80% of owners, and raising the rates by thousand (or tens of thousands) on the other 20%.
>
> IMO, they should have figured out what the shortfall is, and raise everyone's rates by 5% or 10% until the gap is filled, and keep the PreFirm and Grandfather Clause.
They were "grandfathered" 40 years ago. That's 40 years of subsidized rates. Maybe it's time to put grandpa down...
Sign me, George in an A Zone on the other side.