Weatherford slaps Congress on flood insurance inaction
House Speaker Will Weatherford, a Wesley Chapel Republican, added his voice to the chorus of Florida leaders pleading with Congress to get back to work and amend the flawed flood insurance reform act that took effect this week.
Weatherford highlighted a provision in the bill that effectively hits homeowners whose purchased older homes when the Biggert Water Flood Insurance Reform Act became law last July and only now are learning that the rate subsidy they thought would continued disappeared on Oct. 1, and their flood insurance rates are soaring.
"While other potential implementation problems deserve further review and improvement, Congress should not wait any longer to pass legisation to provide a reasonable rate glide pather for all primary residences,'' he wrote in a letter to House Speaker John Boehner, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell.
Gov. Rick Scott and U.S. Sens. Bill Nelson and Marco Rubio have all called on Congress to fix the law. Scott wrote a letter to Florida's congressional delegation warning that the bill will have a devastating effect on Florida's recovering real estate market and he criticized the president for not leading on the issue.
Rubio, who at first was reluctant to support a delay in the law, held a press conference with a bi-partisan group of senators and joined with them in urging a short-term fix to stop the chilling effect the rapid rate hikes will have on home buyers.
"Unfortunately thse calls for sensible action went unheeded,'' Weatherford said, calling for phased in rates for the most dramatically affected properties. "This oversight should be corrected immediately, and the federal program should provide glide paths for all policyholders." Download Weatherford on NFIP