Political Quotes

“Mr. President, I support S. 1926, the Homeowner Flood Insurance Affordability Act. While the Biggert-Waters Flood Insurance Reform Act improved many aspects of the National Flood Insurance Program, it also resulted in a dire situation for a number of American families who suddenly found that their insurance rates would be doubled, tripled, or more. And it locked some families into homes they couldn't afford to insure but also couldn't afford to sell. Today's bill will fix many of these problems by allowing the use of the rate structure in place before passage of Biggert-Waters for some properties. In 4 years, when the Flood Insurance Program will be up for reauthorization, Congress will be able to look to the results of two new studies, called for in today's bill, for ways to make the Flood Insurance Program more equitable. While I am pleased that this fix is being implemented, I still have concerns about the Flood Insurance Program in general. Since the program's inception, Michigan residents have paid about six times more in premiums than they have received in claims. This inequity isn't fair for Michigan homeowners, and I believe we need to take action to resolve this issue. I had this inequity in mind in 2012 when we passed Biggert-Waters. I was hopeful that the bill's provisions allowing for the development of private flood insurance markets would result in lower, more equitable rates for Michigan residents.…”