Fair Flood Protection Act caps insurance premiums, cuts fees
Casey bill to provide long-term stability for Pennsylvania homeowners
Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) introduced legislation to cap the cost of flood insurance, making homeownership more affordable for working families. Across Pennsylvania, as floods become more frequent and intense, homeowners are struggling to keep up with significant increases in flood insurance costs, which can be as high as thousands of dollars per year. The Fair Flood Protection Act would lower the cost of flood insurance by creating a sliding scale premium cap to ensure that families pay fair amounts based on their income.
“Throughout the Commonwealth, including in my home county of Lackawanna, families’ budgets are being increasingly squeezed by the rising costs of flood insurance. This bill will cut fees and cap flood insurance costs to help ensure that Pennsylvanians can afford to keep their homes safe for generations to come,” said Senator Casey. “Hardworking homeowners should be able to protect their homes without worrying about how to pay the bills.”
With many Pennsylvanians struggling to get by and raise their families, flooding poses a looming financial threat. Most home insurance does not include flood insurance, making the National Flood Insurance Program (NFIP) a key safety net to protect against the devastating impacts of flooding. After hearing concerns about rising costs of flood insurance, coupled with reports of increased heavy rain and flood risk, Casey introduced the Fair Flood Protection Act to help working families protect their homes without breaking the bank. This bill would help make and keep flood insurance affordable and strengthen the NFIP. This legislation would help expand flood insurance coverage by reauthorizing NFIP for ten years, increasing the Federal Emergency Management Agency (FEMA)’s authorization to provide funding for flood protection and mitigation projects, and creating a cap for NFIP premiums based on a sliding scale determined by income. Currently FEMA has instituted a premium model that sets rates based on an individual’s flood risk, which can lead to prohibitively high costs of flood insurance. Adjusting premium rates to account for income, rather than risk alone, would help to ensure that working class homeowners are not priced out of flood protection.
Senator Casey has long worked to help Pennsylvania communities mitigate and recover from the devastating impacts caused by floods. Most recently, he successfully pushed President Biden to provide federal disaster relief support to Pennsylvania communities affected by the devastating flooding last month. Additionally, Casey has championed infrastructure investments to improve flood control infrastructure, including through community project funding and FEMA grant programs. Additionally, Casey voted to pass the Infrastructure Investment and Jobs Act, which poured billions of additional federal funding into programs like the Flood Mitigation Assistance grant program and the Building Resilient Infrastructure and Communities grant program.
Senator Casey has always fought to lower costs for working families in Pennsylvania. From creating tax credits for renewable energy development, to negotiating the price of prescription drugs, Casey has consistently worked to bring prices down Pennsylvania families.
Read more about the Fair Flood Protection Act HERE.
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