House to Make Important Flood Insurance Reforms
House to Make Important Flood Insurance Reforms
Speaker
Recent natural disasters have brought a renewed focus upon
The NFIP was created in 1968, and like many federal programs, the intent is noble but the execution has left a lot to be desired. The reality is harsh: The NFIP has borrowed over
That changes today.
Among the many reforms the bill makes, it provides affordable coverage for policyholders by decreasing the annual cap on an individual's annual rate increases and caps surcharges on low-risk properties. At the same time, it improves the financial soundness by gradually increasing rates for certain properties to meet actuarial risk.
Perhaps most importantly, the legislation would help establish a private market for flood insurance, which will increase access, competition, and consumer choice. That means real money saved for real people.
Taxpayers deserve a streamlined, efficient flood insurance program with real accountability, and policyholders in high-risk areas for flooding deserve stability and market-based rates for their insurance. The 21st Century Flood Reform Act helps us get there.
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