Through this act, FEMA is redrawing Flood Insurance Rate Maps and forcing dramatically higher flood insurance rates on home and business owners, including many located in areas that were not previously deemed flood zones.
Individuals who hold a mortgage on these properties are required to carry flood insurance. Rate increases of up to 2800% are unaffordable for the majority of homeowners. Drastically inflated rates will prevent owners from selling their current homes and this bill will lead to foreclosure, home abandonment, and the collapse of entire communities.
It is our request that the Biggert-Waters Act be replaced with sensible legislation that will not affect home and business owners who have already purchased mortgages which require flood insurance.
Please lend your Voice!