* * *
- Senator returns to home of
* * *
"We're facing a perfect storm that could drown
The National Flood Insurance Program Reauthorization and Reform (NFIP Re) Act of 2019 tackles systemic problems with flood insurance, puts it back on solid fiscal ground, and reframes the nation's entire disaster paradigm to one that focuses more on prevention and mitigation to spare the high cost of rebuilding after flood disasters.
"I came here to tell a hard truth, which is that without real reform, we'll be facing the same exact problems we faced after Superstorm Sandy when the next storm comes,"
The Quinns had already been displaced for 21 months when
"We are happy to finally get home after Superstorm Sandy," said
More than five million American families, including more than 220,000 New Jerseyans, depend upon the NFIP, which
The National Flood Insurance Program Reauthorization and Reform (NFIP Re) Act of 2019
Long-Term Certainty. Reauthorizes the NFIP for five years, providing certainty for communities.
No Steep Rate Hikes under Risk Rating 2.0. Protects policyholders from exorbitant premium hikes by capping annual increases at 9%. Currently, premiums can more than double every 4 years or less and
Affordability for Low- and Middle-Income Policyholders. Provides a comprehensive means-tested voucher for millions of low- and middle-income homeowners and renters if their flood insurance premium causes their housing costs to exceed 30% of their Adjusted Gross Income, significantly increasing the affordability of the NFIP program.
Path to NFIP Solvency. Freezes interest payments on the NFIP debt and reinvests savings towards mitigation efforts to restore the program to solvency and reduce future borrowing
Limits on Private Insurance Company Profits. Caps Write Your Own (WYO) compensation at the rate
Increased Cost of Compliance (ICC) Coverage. Increases the maximum limit for ICC coverage to better reflect the costs of rebuilding and implementing mitigation projects. In addition, ICC coverage eligibility is expanded in order to encourage more proactive mitigation before natural disasters strike.
Strong Investments in Mitigation. Provides robust funding levels for cost-effective investments in mitigation, which have a large return on investment and are the most effective way to reduce flood risk.
More Accurate Mapping. Authorizes funding for Light Detection and Ranging (LiDAR) technology for more accurate mapping of flood risk across the country, reducing confusion and generating better data.
Oversight of Write Your Own (WYO) Companies. Creates new oversight measures for insurance companies and vendors, and provides
Claims and Appeals Process Reforms Based on Lessons from Sandy. Fundamentally reforms the claims process based on lessons learned in Superstorm Sandy and other disasters, to level the playing field for policyholders during appeal or litigation, bans aggressive legal tactics preventing homeowners from filing legitimate claims, holds
Better Training. Provides for increased training and certification of agents and adjusters to reduce mistakes and improve the customer experience.
"As we reflect on the devastating toll that Superstorm Sandy brought to the shores of
"My constituents know firsthand how critical comprehensive flood insurance is for
"It may be seven years since Hurricane Sandy destroyed homes and businesses across
"It breaks my heart when families tell me they are still not in their homes after Superstorm Sandy," Rep.