12. Billions of Dollars in Debt Forced on Homeowners
The Biggert-Waters Act attempts to address the $24 billion deficit of the National Flood Insurance Program. Rather than looking for more effective solutions, the act hands the debt to homeowners, hard working Americans who can’t afford to personally bear the costs of Katrina, Sandy, and other disasters.
11. Effectively Increased Taxes
The Biggert-Waters Act increases the rates that homeowners have to pay for their flood insurance. Rate hikes have made premiums up to ten times higher in some cases, and these higher premiums effectively increase the tax burden of too many hard working Americans.
10. Loss of Business Subsidies
About 1.1 million of the 5.5 million people who have National Flood Insurance receive subsidies. Under the Biggert-Waters Act, these subsidies would be phased out. This would hurt business owners, job creators, and families.
9. New Flood Maps
Since the act passed, FEMA’s new maps have put thousands of homes into the flood zones. Now, a whole new group of people have to pay into the program, putting additional burden on even more working families. The new maps also cause property values to plummet in areas near streams, rivers, and coasts.
8. Insurance Industry
The insurance industry has come out in favor of delaying the act, indicating that they are not in favor of it. It is important to support the job creators of this industry and listen to the industry experts who really understand what’s happening.
7. Protect Neighborhoods
Increased insurance rates are going to drive people out of coastal areas, impoverishing those areas, hurting families,and ruining neighborhoods.