Washington, DC- Today, U.S. Senator Bob Casey (D-PA) released the following statement on the Senate’s passage of flood insurance reform:
“By passing this legislation, Congress has struck a balance addressing the fiscal sustainability of the flood insurance program while preventing the most dramatic rate increases. This bill will provide much-needed relief to the thousands of Pennsylvanians who are experiencing dramatic rate increases and many more who are at risk of similar hikes. Homeowners should be able to get the protection they need at affordable rates. That is why I supported the original Senate version of this bill, and voted in favor of the House language today. This bill will protect policyholders from the most dramatic and unaffordable premium increases by capping individual rate increases at a maximum of 18-percent annually. This legislation also asks FEMA to strive to keep premiums at a maximum of 1 percent of the value of coverage. These affordability measures will help ensure that we have a strong, sustainable flood insurance program that does not hurt local property markets or burden homeowners with unaffordable premiums.”
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