To industry’s chagrin, Congress intros bills to delay flood rate increases
The R Street Institute, a conservative think tank, said the Government Accountability Office has determined that 78.8 percent of subsidized policies are in counties that rank in the top 30 percent of home values, while less than 1 percent are in counties that rank in the bottom 30 percent.
“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 Street Senior Fellow R.J. Lehmann.
“It’s important that flood map designations reflect the risk on the ground as accurately as possible, and to that end, we think it is important that FEMA’s maps account for all flood protection systems, including those state and local levees that have not been certified by the Army Corps of Engineers,” Lehmann said.
