U.S. Senators Roger Wicker and Cindy Hyde-Smith are urging the Federal Emergency Management Agency (FEMA) to halt flood insurance premium increases.
They say the Risk Rating 2.0 policy has caused premiums to surge, forcing many homeowners to drop their coverage.
The new insurance pricing system was introduced during President Joe Biden’s administration.
Wicker and Hyde-Smith joined a letter led by Senator Bill Cassidy of Louisiana, calling for a stop to further premium hikes under Risk Rating 2.0. The letter also demands greater transparency from FEMA about how premiums are calculated.
The senators have long criticized FEMA’s pricing method, which has led to increased premiums for about 84% of Mississippi flood insurance policyholders.
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