Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Federal Emergency Management Agency’s (FEMA) latest action to implement Grimm-Waters Act requirements to offer policyholders the option to pay their annual flood insurance premiums in monthly installments under the National Flood Insurance Program (NFIP).

“After years of inaction by the Trump Administration, I applaud FEMA and the Biden-Harris Administration for following through on their commitment to flood insurance reform and issuing a rule to allow NFIP policyholders to pay their annual premiums in monthly installments beginning on December 31, 2024. In 2014, I co-led the ‘Homeowner Flood Insurance Affordability Act,’ or the Grimm-Waters Act, which was signed into law by President Obama and mandated FEMA to offer policyholders both annual and monthly payment options. Today’s action will help millions of families and businesses overcome insurance cost burdens. 

“For decades, renters, homeowners, and businesses located in flood-prone communities have increasingly struggled to purchase and maintain flood insurance coverage, often because of the financial burden of lump sum annual premium payments required at the time of application. As the climate crisis and related disasters continue to worsen, it is my hope that this latest change to the NFIP will allow more communities to protect homes and businesses from more frequent and intense flood damage.”

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