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Congress is coming under renewed pressure from both state and federal legislators to reduce the cost of flood insurance and provide greater subsidies for the National Flood Insurance Program (NFIP). Specifically, Mississippi Rep. Steven Palazzo, R, introduced a bill in late March that would slow planned flood insurance rate increases over the next 10 years by phasing out insurance subsidies over a longer period of time. 

Another bill the congressman is sponsoring would offer flood-mitigation tax credits of up to $5,000 for homeowners and small businesses, as well as grant tax credits to NFIP policyholders who take steps to mitigate future flood risks.

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