To: The Honorable William Craig Fugate, Administrator FEMA
Flood Insurance Rates Skyrocket!
The Honorable William Craig Fugate, Administrator Federal Emergency Management Agency
500 C Street SW
Washington, DC 20472
Dear Administrator Fugate:
The National Flood Insurance Program provides homeowners with property coverage in the event of flooding and is required for many homeowners across the country. The Biggert-Waters Flood Insurance Reform Act, signed into law July 2012, contains provisions for phased-in automatic premium rate increases for many policyholders. The flood map has been considerably increased adding homes that are not affected by wetlands to pay premiums too.
Many areas of the country will be negatively affected by these actuarial risk-based premium rate increases that are anticipated to rise 20 to 25 percent each year for the next four to five years. Such increases will place tremendous burdens on the budgets of residents, that may lead to personal bankruptcy and foreclosure, decreased property values, diminish communities tax base, negatively affecting services including schools, Fire, Police Departments and towns’ vital infrastructure.
Sincerely,
FEMA Document: http://nfipiservice.com/Stakeholder/FEMA/Attachment%20A%20Summary%20of%20the%20NFIP%20October%202013%20Program%20Changes%20final.txt
Dear Administrator Fugate:
The National Flood Insurance Program provides homeowners with property coverage in the event of flooding and is required for many homeowners across the country. The Biggert-Waters Flood Insurance Reform Act, signed into law July 2012, contains provisions for phased-in automatic premium rate increases for many policyholders. The flood map has been considerably increased adding homes that are not affected by wetlands to pay premiums too.
Many areas of the country will be negatively affected by these actuarial risk-based premium rate increases that are anticipated to rise 20 to 25 percent each year for the next four to five years. Such increases will place tremendous burdens on the budgets of residents, that may lead to personal bankruptcy and foreclosure, decreased property values, diminish communities tax base, negatively affecting services including schools, Fire, Police Departments and towns’ vital infrastructure.
Sincerely,
FEMA Document: http://nfipiservice.com/Stakeholder/FEMA/Attachment%20A%20Summary%20of%20the%20NFIP%20October%202013%20Program%20Changes%20final.txt
Why is this important?
FEMA has drastically changed the flood Insurance Program. Rates are increased 25% for a minimum of 5 yrs in some areas. Areas never affected by flooding have been mandated to carry cost prohibitive flood insurance. This will create havoc causing housing prices to decline and many homeowners will face foreclosure. This is definitely true in my neighborhood. I stand to lose everything.