Rep. Capito: We Can Fix Flood Insurance Premiums

Press Release

U.S. Representative Shelley Moore Capito (R-W.Va.) shared stories of West Virginians facing expensive flood insurance premiums at a House Financial Services Housing and Insurance Subcommittee hearing today.

"For example, one of my constituents bought a home in St. Albans, W.Va., last year for $160,000. At that time, his premium was $1,500. Now he owes $12,000. A coal miner, he's unsure he can pay both his mortgage and his insurance premium," Rep. Capito told members of Congress and witness, including Federal Emergency Management Agency Administrator Craig Fugate.

The hearing focused on implementation of the Biggert-Waters Flood Insurance Act, which was intended to help shore up the National Flood Insurance Program. The act may result in astronomical premium increases for some policyholders.

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