Pallone, Pascrell Introduce Bipartisan Flood Insurance Legislation
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- The legislation takes action against skyrocketing premiums
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Today, Congressman
"My constituents know all too well that a fair flood insurance program is critical for rebuilding in the wake of destructive storms. After Superstorm Sandy, insurance companies outright refused to make good on their promises to policyholders and instead pointed to the fine print while denying families who had lost everything. New Jerysans deserve a long-term flood insurance program reauthorization that improves the program based on the realities of major weather events like Sandy,"
"I remember touring the devastation of Sandy like it was yesterday. Homes damaged. Businesses destroyed. The mold. The sand. The debris. I spoke with my constituents who saw their entire lives swept away in an instant. I vowed that day never to stop fighting for them," said
"Home and business owners in
"We've witnessed the NFIP fail our constituents in their greatest hour of need and, after countless reauthorizations that simply kick a broken can down the road, we want real reform," said
Comprehensive flood insurance that lowers premiums will provide peace of mind for New Jerseysans.
"The only way I could have afforded to mitigate my home was from the grant money from Superstorm Sandy and the increased cost compliance from my flood insurance. Before the storm I was paying close to $2000. A year and once I elevated it went down to
"I am a Sandy survivor who is still not home. Because of the supplemental fund, we are getting closer, but that day still hasn't come yet. We know that for every dollar we towards mitigation we save
"When my home was destroyed by hurricane Sandy, I had the maximum legal amount of flood insurance I could buy -
The National Flood Insurance Program Reauthorization and Reform Act of 2019 would take concrete steps to improve affordability and accountability in the National Flood Insurance Program by implementing the following policies:
Reauthorizes NFIP for five years, extending the program until
Lowers the cap on allowable annual premium increases on NFIP policies to ensure affordability each year for policyholders.
Caps Write Your Own (WYO) compensation at 22.46% to ensure private insurance isn't making hand-over-fist profits at the expense of program sustainability.
Institutes a significant number of policyholder protection and fairness provisions to ensure homeowners who faithfully paid their premiums are treated fairly during the claims process.
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