Congressional accord reached on flood insurance rate delay
But the conservative R Street Institute, a free-market research group, condemned the proposed rate hike delay on Monday, calling it a give away.
“Delaying the scheduled phase-out of flood insurance premium subsidies amounts to a gift to mostly wealthy homeowners who get to enjoy cheap insurance on their beach homes thanks to taxpayer support,” said R.J. Lehmann, a fellow at R Street.
“To the extent that FEMA remapping may result in genuine affordability problems for some homeowners, Congress should look to target those individuals specifically with limited, means-tested support,” he said. “However, an across-the-board delay in new maps taking effect will only further imperil the program’s solvency, while also robbing those policyholders whose remapped properties show a reduced risk of flooding the opportunity to enjoy the lower rates they deserve.”
