R.J. Lehmann on flood insurance reform
ClimateWire – ICLE Editor-in-Chief R.J. Lehmann was quoted by ClimateWire on House Financial Services Committee Chairwoman Maxine Waters’ proposed legislation to reform the National Flood Insurance Program. The full story is available (behind a subscriber firewall) here.
R.J. Lehmann, a flood insurance expert and a senior fellow at the International Center for Law & Economics, said Waters’ proposed 9% cap is “not ideal” but is probably a political necessity.
“I think it’s a reasonable compromise,” Lehmann said. “As long as premiums eventually reach the rate at which properties should be charged, that’s better than the status quo. It puts us on the path of where we need to be.”
If Waters’ can draw the support of Schumer by including a 9% cap, her legislation would have a good chance of being approved by Congress, Lehmann said.