Representatives, including Shelley Moore Capito, R-W.Va., shared concerns of the implementation of the Biggert-Waters Flood Insurance Act in a recent House subcommittee meeting.
Capito told members in Tuesday's House Financial Services Housing and Insurance Subcommittee meeting the act could have expensive effects on West Virginia homeowners.
The Biggert-Waters Flood Insurance Act, which was attached to the federal transportation bill, was meant to shore up the National Flood Insurance Program because of multiple claims from Hurricane Katrina.
In West Virginia, 60 percent of policies are subsidized.
Even if people are grandfathered into their primary residence's subsidized rate, rates can increase if homeowners sell their property, let the policy lapse, buy a new policy, or if their property sustains flood damage.
"Like many on this committee, I represent a district where a large percentage of my constituents reside in flood zones," Capito said in her office's news release. "The newly released premiums have left many of my constituents wondering whether they have to deplete their life savings just to pay their flood insurance."
Capito referenced a St. Albans coal miner who bought his home for $160,000 but his flood insurance premiums caused his monthly payment double.
In a previous interview with the Charleston Daily Mail, the man, Rick Holmes, said he knew his home was in a flood zone when he bought it. He was told at closing the cost of his flood insurance would be $1,470 a year but that number increased to $12,000.
However, late last month, Holmes received unexpected news in a declaration page for his insurance, which reduced his payment down to $1,477 a year.
Holmes previously told the Daily Mail he doesn't know what kind of rate increase is in store for him next year and whether he will try to move before then.
"I do not believe the intent of this law was to foreclose on people who live near a river or at the base of a mountain," Capito said in the release. "This is a problem, but I believe it is a problem we can fix. We need to make sure that we properly address the dramatic shortfalls in the trust fund without further stressing a weak housing market."