Flood insurance rate delays opposed
R.J. Lehmann, a senior fellow at free markets think tank R Street Institute, said the proposed legislation to delay insurance increases would subsidize wealthy homeowners at the expense of all taxpayers. Homes in the wealthiest counties in the program are 3.5 times more likely to file claims, and received $1 billion more than those in the poorest counties, according to the Institute of Policy and Integrity.
Instead, an income-based or means-tested solution should be created to help homeowners who truly need subsidized rates, Lehmann said.
“We support making targeted changes to the program with the reforms that would allow people of legitimate concerns to afford their flood insurance, so no one is thrown out of their homes because they can’t afford their flood insurance,” Lehmann said. “We don’t think a blanket delay is the answer.”
