The Biggert-Watters Flood Insurance Reform Act of 2012 must be repealed.
If something must be implemented in its place-the reason we were given that it was passed in the first place-well then pass a temporary act that makes sense. Do not pass 10-fold rate increases on the unsuspecting property owners in the United States just because something has be be done.
What about continuing what's already in place until Congress can come up with a solution? It seems that is what they routinely do in this age of political gridlock when the parties in power can't seem to ever agree or truly compromise.
This measure, in its current form, will kill downtown New Martinsville and other areas like it across the country. We don't believe there is an actuary table anywhere that places risk so high as to make premiums 10 percent of the insured's worth, yet that is exactly what this act is doing. And remember, this is insurance for only one threat. What must these property owners be paying for all necessary insurances?
It's impossible and must be repealed. We're hopeful that next week the U.S. House of Representatives will pass their version and some sort of relief will be on the horizon. It simply must be.