Rep. Charles Joseph Crist JR (D-FL) News Release
The NFIP Reauthorization and Reform Act includes a number of affordability measures, including capping annual flood insurance rate increases at 9% to combat sharp premium hikes under
The legislation also creates a
"Floridians account for more than one-third of all NFIP policies in the country, and for them, it's critical that flood insurance be affordable and reliable.
"Superstorm Sandy devastated
Additionally, the NFIP Reauthorization and Reform Act:
* Establishes a means-tested affordability program for low- and middle-income policyholders to guarantee affordable flood insurance for everyone;
* Implements monthly payments of premiums, making it easier for policyholders to plan for and manage costs;
* Provides for continuous operation of the NFIP in the event of a government shutdown to avoid disruptions to the housing market;
* Raises the Increased Cost of Compliance coverage from
* Authorizes
* Freezes interest payments on the NFIP's debt, freeing up approximately
* Reforms the claims process and sets deadlines for
* Requires the disclosure of flood risk and prior flood damage to lessors and homebuyers before transfer of the property.
The
Read this original document at: https://crist.house.gov/news/documentsingle.aspx?DocumentID=2475
The bill protects homeowners from skyrocketing premiums
Since Superstorm Sandy hit NJ nine years ago today, increasing storms, flooding has ravaged the state
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