Hagan joins lawmakers trying to stop flood insurance increase

Sen. Kay Hagan (D-N.C.) announced Monday that she supports a bill aimed at delaying flood insurance rate increases.

A bipartisan group of senators have introduced Homeowner Flood Insurance Affordability Act, which would delay flood insurance rate hikes for at least four years.

{mosads}“Increased flood insurance rates would negatively impact homeowners and businesses on North Carolina’s coast, who are already struggling as our economy recovers,” Hagan said. “Affordable flood insurance is critical for our state’s coastal communities, and North Carolinians who have played by the rules shouldn’t be crippled by rate increases.”

The bill would block implementation of certain provisions in the Biggert-Waters Flood Insurance Reform Act until the Federal Emergency Management Agency (FEMA) completes a study on the affordability of new flood insurance rates and proposes solutions to avoid severe increases.

Those who support the bill say if Congress doesn’t act by the end of the year, steep rate increases could put flood insurance out of reach for 4 million homeowners and businesses across the country.

Sens. Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.) are the lead sponsors of the bill, which now has 23 bipartisan cosponsors. 

It’s unclear if both chambers of Congress will pass the legislation before the end of the year. The House and Senate are only in session at the same time for one week this month. The legislation could get folded into an omnibus-spending bill that would keep the government operational.