Bustos Continues Fight To Protect Illinois Families From Rising Flood Insurance Prices
WASHINGTON, D.C. – Today, Congresswoman Cheri Bustos (IL-17) continued her fight to protect Illinois middle class families from natural disasters by voting to slow, and in some cases roll back, increases in premiums for federal flood insurance.
“Illinois middle class families who work hard every day to put food on the table and gas in the car shouldn’t be burdened with skyrocketing flood insurance premiums come next year,” said Congresswoman Cheri Bustos. “The bipartisan effort I supported today would protect our economy by ensuring Illinois families can afford flood insurance critical to keeping them in their homes and their small businesses open.”
Last month, the Farm Bill signed into law by the President contained a provision Bustos fought to get included that would aid improvements to river transportation infrastructure, flood prevention and drought relief across the region. And, last year she supported Rep. Cassidy’s amendment to the Department of Homeland Secufarrity (DHS) Appropriations Act (H.R. 2217) which temporarily maintained grandfathered rates for flood insurance.
Specifically, today’s bill:
Removes certain rate increase “triggers.” The repeal of these “triggers” will allow the person buying a home to be treated in the same manner as the person selling it. By removing these triggers, no policyholder will experience the rate shock of moving to full risk rates overnight.
Reinstates “grandfathering.” Those who played by the rules and built to code no longer have to worry about catastrophic rate increases as a result of remapping.
Lowers rate increases. Lowers FEMA’s annual increase authority from 20% to 15%.
Refunds excess premium charges to homeowners. Those who have paid significant rate increases will be refunded in full for those charges.
Provides for affordability study and framework. Provides FEMA the funding necessary to complete the affordability study mandated in the Biggert-Waters Act and requires FEMA to submit the study, along with an affordability framework, to Congress.
In late January, the U.S. Senate passed similar legislation on a bipartisan basis.
In January, in response to FEMA’s decision to deny the state of Illinois’ request for public assistance following the devastating storms on November 17, 2013, Bustos joined with Rodney Davis (R-Ill.), John Shimkus (R-Ill.), Aaron Schock (R-Ill.), Adam Kinzinger (R-Ill.), and Bill Enyart (D-Ill.) to introduce bipartisan legislation to finally bring fairness to the FEMA disaster declaration process. The bill mirrors legislation introduced by U.S. Sens. Mark Kirk (R-Ill.) and Dick Durbin (D-Ill.) in 2012 but will be retroactive to include all storms that occurred in 2013. More information on this bill can be found HERE.