Gov. Scott Seeks Delay To Maintain Fed. Flood Insurance Subsidies
TALLAHASSEE (CBSMiami/NSF) -- Gov. Rick Scott is advising Sens. Bill Nelson, D-Fla., and Marco Rubio, R-Fla., that action is needed to ward off "the potential impact to Florida's economy" of the Biggert-Waters Flood Insurance Reform Act.
"We have done more than our fair share to make the (National Flood Insurance Program) financially sound," Scott wrote to the state's two U.S. senators Tuesday. "In addition, Florida's superior coastal building code standards and leading efforts in the area of hurricane loss mitigation have further reduced exposure for the NFIP .Florida's rates should commensurately reflect these important risk-mitigating factors."
The Senate Banking Committee was scheduled to hold a hearing on the act Wednesday.
The 2012 act calls on the Federal Emergency Management Agency and other agencies to make a number of changes to the way the NFIP is run, including raising rates to reflect true flood risk and to make the program more financially stable.
For some homeowners, many in older properties located in flood zones that have been receiving subsidized rates, the act will result in a quick jump in rates.
In June, the House voted to delay implementation of changes to grandfathered rates for three years instead of one, and for a one-year delay in the implementation of the rate changes that FEMA is rolling out.
"The News Service of Florida contributed to this report."
