Washington DC – US Senator Marco Rubio (R-FL) posted a video urging President Joe Biden to delay the National Flood Insurance Program (NFIP) ‘s new risk assessment formula 2.0. The new scoring system, which is expected to come into effect on October 1, 2021, is expected to increase premiums by nearly 80% of NFIP policyholders nationwide from April 1, 2022.
Earlier this month, Rubio and his colleagues introduced legislation to prevent premium increases for homeowners and other policyholders from taking effect, as well as to give lawmakers time to craft meaningful and lasting reforms to the government. NFIP. They also sent a letter to the Federal Emergency Management Agency (FEMA) to delay the program.
A transcript of the video is below. A broadcast-quality version of the video is available here.
“The National Flood Insurance Program is essential for Florida, but 80% of Florida policyholders could see their flood insurance premiums skyrocket because of what’s called the 2.0 risk score.
“President Biden must delay this new scoring system. He has to do it now.
“If he doesn’t, we have a lot of families in Florida who are going to suffer from unexpected premium increases. ? it’s like a tax increase.
“We need to reform the flood insurance program, but this rushed process and chaotic rollout is not the right solution. “