Panel Approves Velazquez Flood Insurance Bill
Legislation authored by Rep.
"After Sandy, we heard from homeowners in
Velazquez's legislation would reform the Write Your Own ("WYO") component in the NFIP. The WYO program is an arrangement between the
"Multiple studies and investigations have found that
As of 2015,
It would also initiate a pilot program to authorize WYOs to inspect pre-existing structural conditions of insured and pre-insured properties that could result in a denial of a flood insurance claim.
"When disasters strike and homeowners find their property flooded, the last thing they need is to encounter bureaucratic resistance recouping their losses from an insurance company," Velazquez added. "As our climate changes, unfortunately, we'll likely see future catastrophic weather events, making it all the more important that the federal government's flood initiative functions efficiently and fairly."
Velazquez is the third most senior Democrat on the
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