Sens. Warren and Markey Sign Letter Urging Immediate Flood Insurance Rate Relief for Homeowners
Warren and Markey Urge Delay of New FEMA Rules that Impact Mass. Families
WASHINGTON, DC – United States Senators Elizabeth Warren (D-Mass.) and Edward J. Markey (D-Mass.) have signed a bipartisan letter urging Congress to act now to provide immediate rate relief for homeowners impacted by new Federal Emergency Management Agency (FEMA) flood insurance rules.
“While we support the long-term reauthorization of the program, we have serious concerns about the sharp rate increases included in that legislation that could render flood insurance unaffordable and unattainable for up to 4 million homeowners and businesses nationwide,” the senators write in the letter. "…It is imperative that we provide immediate rate relief for impacted policyholders."
Under the new rules, many families in Massachusetts and across the country have been placed into a flood zone for the first time, and are now being asked to pay thousands of dollars in premiums.
The Massachusetts Congressional delegation has also sent a letter to Senate and House of Representatives leadership calling for a delay. Last month, Senator Warren attended a Senate Banking Committee hearing on the flood maps.
Full text of the letter, which was signed by a bipartisan group of 24 senators including Senator Warren and Senator Markey, is available here.