Beck & O’Scanlon Applaud Changes to Biggert-Waters Act

TRENTON, N.J., March 7 -- The New Jersey Senate Republicans issued the following news:

The United States House of Representatives passed legislation to curb some of the premium increases in the nation's flood insurance program that have been a concern to many Sandy affected homeowners. H.R. 3370, the Homeowner Flood Insurance Affordability Act, passed 306-91. The measure reverses some of the changes to the National Flood Insurance Program (NFIP) introduced by the Biggert-Waters Flood Insurance Reform Act of 2012.

"This is good news for many residents of coastal Monmouth County," Senator Jennifer Beck (R-11) explained. "The impending premium increases contained in the Biggert Waters Act was going to be a real problem for local homeowners. With the expenses incurred after Sandy, the additional cost incurred through a premium increase would have simply been too much for many to handle. No one doubts that changes need to be made to the NFIP but we must do it in a way that doesn't bankrupt our homeowners."

The House version, known as the Grimm-Waters bill would provide retroactive refunds for people who have had large flood insurance rate increases due to the sale or purchase of a home, cap average annual premium increases at 15 to 18 percent and allow subsidies for insurance rates that are based on current flood maps. It also includes non-mandatory language directing the Federal Emergency Management Agency to "strive to minimize the number of policies with annual premiums that exceed one percent of the total coverage."

"Many of our constituents have been struggling to get back on their feet," said Assemblyman Declan O'Scanlon (R-13). "This was the right thing to do as legislators and neighbors. Senator Beck and I were among the many voices calling for this action, and it is relieving to see Congress doing the right thing by our constituents. This is also an example of Democracy as it is supposed to work - citizens being heard by their representatives and those representatives responding to sound arguments with appropriate (as opposed to politically driven) action. Congratulations to all who helped fight this battle."

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