|Targeted News Service|
View a timeline of
The legislation is the result of weeks of bipartisan collaboration and consultation with the business community, local leaders and industry representatives. A House companion bill was also introduced today by Representatives
The bill will delay certain pieces of Biggert-Waters until the
The legislation will:
* Delay Implementation of Flood Insurance Rate Increases: Protects NFIP policyholders who have no annual cap on their rate increases and have seen their property values plummet as a direct result of Biggert-Waters. This includes all homes and businesses that were built to code and later remapped into a higher risk area and all properties that were built before flood maps were released which could see their rates skyrocket overnight when they try to sell their property.
* This bill provides targeted rate relief to these policyholders until
* Provides funds to reimburse homeowners for successful map appeals: Allows FEMA to utilize NFIP to reimburse policyholders who successfully appeal a map determination.
* Eliminates penalties on communities self-financing flood protection:
* Protects the basement exception that allows the lowest proofed opening in a home to be used for determining flood insurance rates. This impacts 54 communities nation-wide where basements are necessary to protect homeowners and businesses from extreme weather.
* Establishes a