Cartwright to introduce National Flood Insurance Premium Transparency Act
In
"By reducing inequities and better assessing a specific property's flood risk, NFIP policyholders were meant to pay a more accurate premium under this new system," said Cartwright, D-
When
"Risk Rating 2.0 has left many
Specifically, Cartwright's National Flood Insurance Premium Transparency Act would require:
--Insurance companies to provide NFIP policyholders with a full list of property flood risk factors on their declaration page, including available discounts and any flood insurance requirements;
--
--Require the Government Accountability Office to publish a report outlining the feasibility of adding additional information to the above-mentioned flood insurance information tool.
"As the County Manager of
Crocamo said homeowners living in flood-prone areas face constant uncertainty and the daunting risk of losing their homes to devastating floods.
"By providing clearer guidelines and resources, this legislation will help individuals research and implement effective strategies to lower their property's flood risk," Crocamo said. "It is crucial that these homeowners have the tools and knowledge to protect their most valued asset -- their home."
Crocamo went on to say that this legislation recognizes the financial burden that high insurance premiums can impose on families already facing the threat of natural disasters.
"By fostering a more transparent system, this legislation can alleviate some of the financial stress associated with flood insurance, ensuring that homeowners are not left to bear the brunt of exorbitant costs while trying to safeguard their homes," Crocamo said. "
Crocamo added, "With
"We fully support
Cartwright said this legislation is also endorsed by the
"The National Flood Insurance Program Premium Transparency Act is a critical step forward in empowering property owners with the information they need to understand their flood risk and make informed decisions, and the
"While
Shelton added, "The National Flood Insurance Program Premium Transparency Act begins to tackle these serious issues.
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