Political Quotes

“I thank the chairman. My amendment is quite simple. It removes the 100 percent increase and possible flood insurance rate increases from the underlying bill. Currently, rate increases are capped at 10 percent a year; yet this bill would double that to 20 percent per year. Homeowners in this down-turned economy can little afford to have this looming possibility. One in four Floridians is covered under the National Flood Insurance Program, and they collectively pay nearly $900 million in premiums per year. Since 1978, Florida policyholders have paid $14.1 billion in premiums and have received only $3.6 billion in payments. That is 3.9 times more in premiums than they received in claims. Our residents, usually in high-risk flood areas, pay disproportionately more in premiums than they will likely ever see in payments on claims. Despite this fact, Floridians were near the cap of a 10 percent increase in the premium rates from the years 2009 and 2010, while the average national increase during the same time was 8 percent. {time} 1540 Despite these problems, the residents in my area say they need this program, but they need this cap where it is. People outside of at-risk areas file over 20 percent of NFIP claims and receive one-third of disaster assistance for flooding. Floridians, my constituents, know that the doubling of the amount that FEMA can charge for their flood insurance is aimed at them.…”