Comer, Scalise Lead Bipartisan Oversight of FEMA's National Flood Insurance Program

Press Release

"The Committee on Oversight and Accountability along with various congressional delegations are conducting oversight of the Federal Emergency Management Agency's (FEMA) National Flood Insurance Program (NFIP). Media reports show that for nearly four million Americans the Risk Rating 2.0 version of the program has caused premiums to increase, causing flood insurance to be unattainable for many. The process leading to the rate increases has been less than transparent. Congress has an obligation to ensure that the U.S. flood insurance market is stable and affordable for all Americans and particularly those on a fixed income. To understand the premium calculations and the overall marketplace, we request certain documents and information. Additionally, we request a staff-level briefing as soon as possible on the effects of the increases on all aspects of the various marketplaces such as the housing market

It is concerning if mispriced flood insurance based on inaccurate data is causing massive increases in premium rates and a rapid decline in the number of NFIP policies nationwide. Members of Congress on both sides of the aisle are united in ensuring affordability of the NFIP and the sustainability of this program,"

Source