Today, in an effort to protect Rhode Islanders from abrupt increases in their flood insurance premiums, I voted for the Homeowner Flood Insurance Affordability Act. This bipartisan legislation, which I cosponsored and was approved by the Senate in a 67 to 32 vote, would delay the imposition of actuarial premium rates on potentially thousands of Rhode Island homes and businesses for four years in order to allow the Federal Emergency Management Agency (FEMA) to complete an affordability study and make recommendations to help property owners who cannot afford these premiums. I am also pleased that the bill includes my amendment to require FEMA to study the possibility of making voluntary, community-based flood insurance policies available through the National Flood Insurance Program. If they prove viable, these policies could help communities address affordability and mitigate the risks of flooding.
In these challenging economic times, I hope the House of Representatives will consider this legislation quickly so that Rhode Islanders are protected from dramatic premium increases. For more information on this legislation and its impact on Rhode Island, please visit my website at http://go.usa.gov/B2h9.
As always, please do not hesitate to write, call, or visit my website, www.reed.senate.gov, in the future for information regarding this or any other matter.
United States Senator