WASHINGTON, D.C. — U.S. Senator Bob Casey (D-PA) introduced legislation to cap the cost of flood insurance, making homeownership more affordable for working families. Across Pennsylvania, as …
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WASHINGTON, D.C. — U.S. Senator Bob Casey (D-PA) introduced legislation to cap the cost of flood insurance, making homeownership more affordable for working families. Across Pennsylvania, as floods become more frequent and intense, homeowners are struggling to keep up with significant increases in flood insurance costs, which can be as high as thousands of dollars per year. The Fair Flood Protection Act would lower the cost of flood insurance by creating a sliding scale premium cap to ensure that families pay fair amounts based on their income.
Currently FEMA has instituted a premium model that sets rates based on an individual’s flood risk, which can lead to prohibitively high costs of flood insurance. Adjusting premium rates to account for income, rather than risk alone, would help to ensure that working class homeowners are not priced out of flood protection.
“Throughout the Commonwealth, including in my home county of Lackawanna, families’ budgets are being increasingly squeezed by the rising costs of flood insurance. This bill will cut fees and cap flood insurance costs to help ensure that Pennsylvanians can afford to keep their homes safe for generations to come,” said Senator Casey. “Hardworking homeowners should be able to protect their homes without worrying about how to pay the bills.”
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