Pallone, Pascrell Applaud Affordability Provisions in Draft National Flood Insurance Reauthorization
Representatives Frank Pallone, Jr. (NJ-06) and Bill Pascrell (NJ-09) today issued the following statement on Chairwoman Maxine Waters’s draft National Flood Insurance Program reauthorization. The proposal adopts the same cap on premium rate increases that Pallone and Pascrell included in their bipartisan flood insurance legislation last Congress.
“When it comes to our nation’s flood insurance policies, no one has worked harder than our friend and colleague Chairwoman Maxine Waters. We are deeply grateful that she incorporated a major component of our bill to include the nine percent cap on premium rate increases, marking a significant step toward our shared goal of an affordable and stable National Flood Insurance Program. Our constituents in New Jersey know all too well that a fair flood insurance program is critical for rebuilding in the wake of destructive storms. Protecting consumers from disastrous rate increases on the horizon with Risk Rating 2.0 and abuses of the claims process has been a longtime priority of ours. We look forward to continuing to work with Chairwoman Waters on a long-term, comprehensive reauthorization that makes these important reforms. New Jerseyans deserve a long-term flood insurance program reauthorization that improves the program based on the realities our constituents experienced after major weather events like Superstorm Sandy.”
In March, Pallone and Pascrell wrote to Homeland Security Secretary Alejandro Mayorkas urging the National Flood Insurance Program’s Risk Rating 2.0 implementation be postponed until a lower premium cap is adopted.