Nearly 40% of Flood Policies in Florida
The 21st Century Flood Reform Act reauthorizes the program for five years and gives states more flexibility to regulate their own private insurance markets to increase competition and consumer choice. The program is set to expire this year.
"Floridians know all too well the devastating risks posed by extreme weather and flooding," Buchanan said. "That's why it is so important for Floridians to have access to affordable flood insurance that allows them to better protect their families, homes and businesses. Today's bill provides the common-sense reforms homeowners need now more than ever."
The 21st Century Flood Reform Act (H.R. 2874) would:
* Decrease from 18 to 15 percent the cap on any individual's annual rate increases;
* Provide affordable NFIP coverage by limiting residential risk premiums to
* Authorize
* Keep the program fiscally sustainable by requiring the program to build up its
* Improve outdated and inaccurate flood maps by allowing communities to create their own alternatives to existing NFIP maps;
* Allow for private market participation as the majority of
The 21st Century Flood Reform Act is backed by the
As of January, there were approximately 1.8 million flood insurance policyholders in
Buchanan also noted that with an average elevation of just 100 feet above sea level,
Buchanan has long been a leader in addressing problems with the NFIP.
He recently convened a meeting of the bipartisan
Buchanan was an original co-sponsor of the Homeowner Flood Insurance Affordability Act of 2014 (H.R. 3370), which was signed into law by
Read this original document at: https://buchanan.house.gov/media-center/press-releases/today-house-pass-flood-insurance-relief
“Hurricane Recovery Efforts in Puerto Rico and the U.S. Virgin Islands.”
“Today, I opposed H.R. 2874, because it would make flood insurance less affordable for New Yorkers, especially residents in Queens and Nassau County…”
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