MS SC582

Urges Mississippi's Congressional delegation to mitigate negative impacts of the Biggert-Waters Flood Insurance Reform Act of 2012, particularly Section 207 which eliminated grandfathered flood insurance rates for existing policyholders.

Seeks a delay to all flood insurance rate increases under Biggert-Waters until all NFIP communities are remapped to ensure equitable assessment and prevent competitive disadvantages for recently remapped communities.

Notes that shoreline communities contributed $6.6 trillion to U.S. GDP in 2011 and support 51 million jobs, arguing that the $23 billion NFIP deficit does not justify rate increases that could harm coastal economies.

Expresses concerns that aggressive premium rate increases from subsidized to market rates will negatively impact over one million policyholders nationwide, including 10,000 in Mississippi, affecting business and residential viability in coastal communities.

Thanks Mississippi's Congressional delegation for previous efforts and supports the Cassidy-Grimm-Palazzo-Richmond Amendment to delay implementation of Biggert-Waters Section 207 while Congress and FEMA develop solutions balancing affordability with program sustainability.