Crist Proposes Rate Protection for Flood Insurance Policy Holders
U.S. Rep. Charlie Crist has introduced two proposals designed to hold down the costs of flood insurance.
WASHINGTON, DC – U. S. Rep. Charlie Crist, D-St. Petersburg, has proposed two changes to the National Flood Insurance Program that are designed to keep rates down for policy holders.
The first proposal would repeal unnecessary rate hikes that hurt policyholders and make flood insurance less affordable. The second would prevent NFIP policyholders from being forced out of the program and into the volatile private insurance market.
Crist introduced his proposals Thursday (June 15) in front of the House Committee on Financial Services, which is considering legislation to reauthorize the NFIP, which is scheduled to expire on Sept. 30. Allowing the program to expire, Crist said, would be devastating to areas like Pinellas because houses could not be sold in flood areas without the protection for mortgage lenders.
“Pinellas families know the cost of flood insurance is already too darn high,” Crist said. “We can, should, and must do better to address affordability issues while keeping the program accessible and dependable. We need to come together and do the right thing for middle class families, helping preserve the American dream of homeownership.”
Crist raised serious concerns that affordability is not adequately addressed in the reauthorization package. He also called for better mitigation options and highlighted the urgent need for timely reauthorization of the program homeowners across Pinellas County depend on for coverage.
Floridians account for more than one-third of all NFIP policies in the nation and paid almost $1 billion into the program last year, highlighting the importance of a strong, sustainable, and affordable program for homeowners across the state.
Crist represents Florida’s 13th Congressional District, which covers mid- and south Pinellas County.
For information about Crist and videos of his presentations to the committee, go to crist.house.gov.
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