Flood insurance reform bill debuts on Sandy anniversary

opens in a new windowFlood insurance reform bill debuts on Sandy anniversary / NJ Spotlight News / 10/29/2021

By Melissa Rose Cooper, Correspondent

With the threat of more storms due to climate change, leaders say more funding needs to go into figuring out how to prevent damage in the first place

New Jersey’s two U.S. senators and fellow members of Congress are hoping to help hundreds of thousands of residents dealing with flood insurance problems nine years after Superstorm Sandy. U.S. Sens. Bob Menendez and Cory Booker and U.S. Rep. Bill Pascrell, Jr., all Democrats, announced their bill to reform the National Flood Insurance Program. The measure would create stable insurance rates for policyholders, capping annual increases at 9%. It would also develop a sophisticated flood map to more accurately see who lives in the heart of a flood zone. FEMA’s new Risk Rating 2.0 system​, which is being phased in, will lead to higher premiums for most policyholders. In New Jersey, premiums will generally increase modestly but some people could see hikes up to 18% a year under current rules. The bill also extends the National Flood Insurance Program for another five years.

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