WASHINGTON – U.S. Senator Roger Wicker, R-Miss., today called on Congress to take immediate action to reform the “Biggert-Waters Flood Insurance Reform Act,” which, if not fixed, will raise flood insurance premiums for many Mississippians.

An excerpt of Senator Wicker’s speech to the Senate:

“We need to address the very real problem of increases in flood insurance premiums, which will unfairly hurt homeowners and businesses in my home state of Mississippi and across the United States. The severe onset of unaffordable rates could have a devastating impact on the livelihood of homeowners and communities throughout the nation and on our economy.

“We cannot expect the NFIP to continue as a viable program without addressing the huge imbalance between premium revenue and payments for losses. But at the same time, Congress cannot sit by in the face of these dramatic unaffordable rate increases facing many Americans.

“The manner in which these reforms are being implemented is alienating the very people the program is intended to help.  The new rates penalize people who have followed the rules and place the heaviest burden on those who are just now recovering from recent disasters.

“In communities still recovering from the recent Mississippi River flooding and along the Gulf Coast – where the aftermath of Katrina still lingers – a financial burden of this magnitude could force homeowners either to leave their property unprotected or to move away altogether.

“Ensuring the long-term success of the NFIP means taking an honest look at how the reforms Congress enacted last year are being implemented and whether they are unfairly hurting citizens.  Allowing rates to go from a few hundred dollars to tens of thousands of dollars is hardly a reasonable approach to reform.”