Florida Republican Sen. Marco Rubio and Massachusetts Democratic Sen. Elizabeth Warren rarely see eye-to-eye on major policy issues but both agree the National Flood Insurance Program must be fixed.
The program, run by FEMA, must be reauthorized by September 30 as part of the 2018 budget. Rubio and Warren, along with Sens. Bob Menendez, John Kennedy, Chris Van Hollen and Thad Cochran penned an op-ed in the Wall Street Journal on Tuesday outlining their plan to make federal flood insurance fiscally sound.
"Powerful floods devastate communities across America every year," the op-ed reads. "After these catastrophic natural disasters, too many Americans find themselves facing a man-made calamity: a National Flood Insurance Program that overcharges and underdelivers for policyholders and for taxpayers. As members of the Senate Banking and Appropriations committees, which oversee flood insurance and provide federal disaster response, we plan to offer bipartisan landmark legislation to tackle systemic problems with flood insurance and to reframe our entire disaster paradigm."
The proposal comes as the federal flood insurance program is billions of dollars in debt and still dealing with the financial impacts of major hurricanes like Katrina and Sandy, where homeowners said federal engineers were encouraged to lie about storm damage to limit federal insurance payouts.
Miami Rep. Carlos Curbelo also introduced legislation relating to flood insurance earlier this year. His bill would allow non-primary residences and businesses to be eligible for the same flood insurance rates as primary residences.
“This bill is critical to South Florida, especially for residents of the Florida Keys that are in desperate need of affordable housing options," Curbelo said in a statement. "The Flood Insurance Fairness Act would ensure all Americans have access to affordable flood insurance by guaranteeing that all non-primary residences and business properties receive the same rates provided to primary homes under the National Flood Insurance Program.”
Read the rest of the op-ed here.