Long Island: Rice, Garbarino Introduce Legislation to Protect Long Island Homeowners from Flood Insurance Program Changes
U.S. Representatives Kathleen Rice (NY-04) and Andrew Garbarino (NY-02) introduced the National Flood Insurance Program Reporting on Impact to Seaboards and Counties (NFIP RISC) Act to require the Federal Emergency Management Agency (FEMA) to release a comprehensive impact analysis of new flood insurance rates at least six months before any changes can be made to the NFIP. Additionally, the bill would prohibit any changes to FEMA’s flood-risk assessment methodology during, or within six months following, the COVID-19 emergency declaration.
This bipartisan legislation follows the release of an alarming study earlier this year by the First Street Foundation, a group of academics and experts that models flood risks. According to the study, the NFIP would have to “quadruple premiums on high-risk homes inside floodplains to reflect the risks they already face.” The First Street Foundation states it conducted the study using the same flood-modeling techniques that FEMA is using in Risk Rating 2.0, its new system to calculate flood insurance premiums. Currently, FEMA plans to implement premium changes on October 1, 2021 for new flood insurance policies and amend existing policies on April 1, 2022.
“We cannot allow Long Island homeowners to be burdened with more expensive flood insurance premiums during this national emergency,” said Rep. Kathleen Rice. “Especially when FEMA has not yet explained how Risk Rating 2.0 will affect grandfathered policies or low-income households. This bipartisan bill will require that FEMA publicly disclose and provide additional details before any changes to its flood insurance models can be implemented. I thank Congressman Garbarino for joining me in this effort to protect homeowners on Long Island and across the country by preventing any sudden changes to the NFIP and ensuring FEMA’s new methodology can be fully vetted and analyzed.”
“I am proud to join this bipartisan effort to bring transparency and accountability to FEMA’s flood-risk assessment process,” said Rep. Andrew Garbarino. “The last thing Long Islanders need this year is an unexpected increase in their flood insurance premiums. This bill would not only require FEMA to provide analysis of the impact of upcoming changes to its flood-risk assessment methodology, but also ensure that no premium increases will go into effect while our community is still reeling from the COVID-19 pandemic. Flood insurance is essential for coastal residents, but the people of Long Island deserve better than to be blindsided by premium hikes, especially during a global pandemic. This bill will help ensure that homeowners know what to expect and are given the time to prepare before any changes to their premiums are implemented.”