WASHINGTON, D.C. – U.S. Senator Bob Menendez released the following statement today after the Federal Emergency Management Agency (FEMA) announced they were delaying the implementation of Risk Rating 2.0:
“I'm pleased that FEMA has delayed implementation of its new method for setting flood insurance premium rates and urge the Agency to commit to providing full transparency in both the process it undertakes and the impact Risk Rating 2.0 will have on flood insurance affordability, economic development, and property values. Policyholders in New Jersey and around the country are understandably concerned about skyrocketing premiums that could result from flood insurance rules being changed in the middle of the game and this delay will at least provide some breathing room.
“Regardless, a one-year delay, by definition, is not a permanent fix. There remains an urgency to fundamentally fix the National Flood Insurance Program -- which my bipartisan legislation, the NFIP RE would do -- by making insurance more affordable, reducing future damage by proactively investing in mitigation, and making the program more fair to policyholders and efficient for taxpayers.”
April 22, 2021