U.S. Rep Anna Paulina Luna introduced a bill Monday requiring the Federal Emergency Management Agency to offer people an option to pay their flood insurance premiums monthly, rather than in a larger lump sum once a year.
A 2014 law required offering that payment plan, but FEMA never implemented the provision. Luna’s bill, House Resolution 4686, which is being co-sponsored by 10 additional Florida representatives, would bar FEMA from collecting flood insurance payments until it implements the new payment structure. Policyholders would still be covered during this period.
“Most families in Florida who are already struggling to keep up with inflation can’t afford to have their savings accounts wiped out by an astronomical insurance premium, with no option to pay in manageable amounts over the course of a year,” Luna said in a statement. “It’s just common sense to allow families to space out their flood insurance payments — and this bill would force FEMA to follow the law.”
FEMA declined to comment on the legislation and didn’t answer questions about the 2014 law.
Jake Holehouse, president of St. Petersburg-based HH Insurance Group, said that people with mortgages are in effect already paying their flood insurance premiums on a monthly basis. That’s because a section of the 1968 National Flood Insurance Act requires homeowners to escrow their flood insurance premiums with their monthly mortgage payments.
“The person that monthly premiums affects is somebody that has their house paid off,” Holehouse said. “What are we really accomplishing by passing this bill, if every person who has a mortgage is unaffected?”
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July 20, 2023 at 09:20PM
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Rep. Luna introduces bill requiring monthly payment option on flood insurance - Tampa Bay Times
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