Partisan GOP bill will make flood insurance more expensive, unfair, and less accessible
"In the five years since Superstorm Sandy devastated the Northeast, we in
"Just a few weeks ago, we observed the 5th anniversary of Superstorm Sandy," said
H.R. 2874 would make flood insurance less affordable by forcing homeowners to pay higher insurance premiums based on flood maps that didn't exist when their properties were purchased, and allowing their rates to be increased at a faster rate. The legislation raises the minimum annual increase on properties built before the first flood insurance rate map from 5 percent to 6.5 percent over three years and increases annual surcharges required by the Homeowner Flood Insurance Affordability Act (HFIAA) from
This week, Pallone and Pascrell offered amendments that would have improved the bill. They included a 10 percent cap on premium increases, increasing the Increased Cost of Compliance from
The Congressmen have been leaders in demanding transparency and swift action on behalf of those who have suffered from inefficiencies and widespread fraud in the National Flood Insurance Program, and have championed reform efforts. Earlier this year Pallone and Pascrell announced for the introduction of the Sustainable, Affordable, Fair and Efficient National Flood Insurance Program Reauthorization Act (SAFE NFIP) of 2017, which would reauthorize the program, cap premium rate increases, authorize funding for more accurate flood mapping, reform the appeals process, and cap the compensation of flood insurance companies.
Read this original document at: https://pascrell.house.gov/media-center/press-releases/reps-pascrell-pallone-offer-amendments-to-flood-program-bill
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