A group of nine senators have written to FEMA’s Acting Administrator David Richardson, urging him to “terminate the Risk Rating 2.0 methodology.”  The full letter, authored by Senators Bill Cassidy (R-LA), John Kennedy (R-LA), Cindy Hyde-Smith (R-MS), Roger Wicker (R-MS), Shelley Moore Capito (R-WV), Jim Justice (R-WV), Katie Britt (R-AL), Tommy Tuberville (R-AL), and John Cornyn (R-TX), can be read online.

The Senators wrote that “The lack of transparency surrounding Risk Rating 2.0 is beyond troubling.  FEMA has never allowed for meaningful public comment nor has it published the underlying data or assumptions used to justify the steep premium increases and refuses to disclose its actuarial model.  Without transparency, communities cannot plan mitigation projects, lenders cannot accurately underwrite mortgages, and citizens cannot appeal punitive rate increases.  Worse still, rising costs encourage policy lapses—shifting risk back to taxpayers when disasters strike.”

In addition to terminating Risk Rating 2.0, authors urge the Acting Administrator to “Require FEMA to publish all actuarial inputs and outputs of future flood insurance premium increases exceeding the 5% statutory minimum so stakeholders can verify fairness and accuracy” and “Restore targeted affordability measures for coastal, low income, and historically underinsured communities—ensuring NFIP remains accessible to those who need it most.”

In follow up to the letter, Senator Cassidy delivered a floor speech urging the end of Risk Rating 2.0.  Senator Cassidy remarked, “Has Congress been given the opportunity to provide meaningful comment in response? No, we were stonewalled for years under President Biden.  Now with President Trump in charge, I trust there will be more transparency into Risk Rating 2.0 than we’ve ever seen before.”  Senator Cassidy continued, “NFIP was at the heart of the cost-of-living crisis Americans struggled through under President Biden.  We have a chance to bring down prices on flood insurance in the same way President Trump has brought down all these other prices—gas, eggs, milk, you name it.  I want to work with President Trump and my colleagues to make life affordable again!  As hurricane season ramps up, the clock is ticking.”