Citizens impacted by flood insurance rising rates were sold out by elected “leaders”
The same members of Congress now vowing to reverse the dramatic flood insurance rate increases taking effect in Florida voted to impose them in the first place.
The turnaround is a lesson in how legislation is passed, and in the often unintended consequences of that passage. While Florida’s lawmakers, and others from many coastal states, are anxious to at least delay the law because of potentially debilitating economic impacts, there is no guarantee that it will happen in today’s politically divided capital — at least not quickly.
In July 2011, all but one U.S. House member from Florida voted for the Biggert-Waters flood insurance reform bill that is causing rate shock for property owners in high-risk flood areas.
The law’s aim was to cut the National Flood Insurance Program’s $25 billion debt and force people living in high-risk areas to pay more “actuarially sound” rates for coverage. Taxpayers were essentially subsidizing insurance for people in high-risk areas, proponents of the law had argued.
