In speech on the Senate floor, Klobuchar highlighted how bill would help protect homeowners in places like Roseau and the Red River Valley from flood insurance rate increases by requiring FEMA to complete a comprehensive study to address flood insurance premium affordability issues
Washington, D.C. – Today, legislation U.S. Senator Amy Klobuchar championed to help fix the National Flood Insurance program passed the Senate with bipartisan support. In a speech on the Senate floor, Klobuchar highlighted how the bill would help protect homeowners in places like Roseau and the Red River Valley from proposed flood insurance premium increases by requiring Federal Emergency Management Agency (FEMA) to complete a comprehensive study addressing flood insurance premiums affordability issues.
“For Minnesotans who live in areas susceptible to flooding, the flood insurance program is absolutely vital,” Klobuchar said. “It makes no sense for FEMA to push these outrageous premium increases on consumers trying to do the right thing before an affordability study has even begun. That’s why we must act to ensure the millions of homeowners and businesses in Minnesota and across the country that play by the rules aren’t hit with increases in their flood insurance premiums they simply cannot afford.”
Currently, FEMA is set to raise flood insurance premiums for some home and business owners, significantly increasing out of pocket costs for these residents and businesses. The Homeowner Flood Insurance Affordability Act requires FEMA to complete a two year comprehensive cost study, followed by a two year timeline for FEMA to develop a plan to address any affordability issues. The legislation also continues the basement exemption for determining base flood elevation.