Some lawmakers who supported the Biggert-Waters Flood Insurance Reform Act, passed in 2012 to get the National Flood Insurance Program out of debt, are shifting gears because of large rate increases for customers. "The Biggert-Waters legislation was designed to address a $24 billion deficit and ensure millions of American homeowners could continue to purchase flood insurance. But FEMA's poor implementation, inaccurate mapping and incomplete data has led to unreasonable and unimaginable increases in premiums," co-sponsor Rep. Maxine Waters said this month.

Related Summaries