BOOKER ASKS NEW JERSEYANS FOR INPUT ON BIPARTISAN BILL TO LOWER FLOOD INSURANCE COSTS

The following information was released by New Jersey Senator Cory Booker:

Today, U.S. Senator Cory Booker (D-NJ) is asking New Jerseyans for their input on the National Flood Insurance Program (NFIP) in advance of the U.S. Senate's work on Sen. Booker's bipartisan bill with Sen. Bill Cassidy (R-LA). The bipartisan legislation will reauthorize and reform the NFIPin order to lower flood insurance costs, provide new affordability measures for low and middle income families, expand access to uninterrupted flood insurance coverage and make other improvements to the program such as encouraging investments in pre-disaster mitigation to make our communities more resilient in the face of flooding and extreme weather.

From Senator Cory Booker: "By working to address rising flood insurance premiums and making critical reforms to the National Flood Insurance Program (NFIP), we will ensure more New Jersey families and businesses have better access to affordable and reliable insurance to protect themselves from the damaging and costly impacts of extreme weather and flooding. This is an urgent pocketbook issue for many in our state, and as Republicans and Democrats come together to work on this important legislation, I encourage New Jerseyans to provide us with their input. Guided by the experiences and priorities of New Jerseyans, I look forward to working in a bipartisan manner on commonsense improvements to the NFIP that will lower costs and better protect our communities."

Senators Booker and Cassidy have released this letter to interested parties which includes additional information about the National Flood Insurance Program (NFIP), the type of input being solicited, and the proposed reforms to the NFIP.

Through September 15th, individuals may use this web page to learn more about the NFIP and the type of input being solicited, and may use this web form to provide feedback.

Submissions will be kept confidential and shared only with the Senate Banking Committee and the offices leading the request for information.

As part of the reauthorization of the National Flood Insurance Program for the next 5 years, some of the proposals Senators Booker and Cassidy are putting forward to lower costs and improve access include:

A cap on yearly premium increases.

Establishing a new affordability program within the NFIP that will provide direct assistance to families most in need.

The option for individuals to pay in monthly installments, making it easier to manage premium costs.

Increasing coverage limits for structural damage to ensure families are better protected after a storm.

Expanding investments in pre-disaster mitigation efforts that will better protect communities from future flooding while also providing a significant return on investment through reduced flood losses. .

Addressing the long-term solvency of the NFIP while also implementing reforms to increase the transparency of insurance costs, claims and coverage.