Rep. Demings Cosponsors Bipartisan Flood Insurance Reform

ORLANDO, Florida, Nov. 5 -- Rep. Val Demings, D-Florida, issued the following news release:

This week, Rep. Val Demings (FL-10) joined bipartisan colleagues from both chambers of Congress to introduce the National Flood Insurance Program Reauthorization and Reform Act of 2021 (H.R. 5802). This legislation would reauthorize the National Flood Insurance Program (NFIP) and ensure the stability and affordability of our nation's flood insurance program while promoting sustainability and resilience for long-term homeowner savings.

Said Rep. Demings, "Floods happen in Florida - that's a fact of life, and it's why I will continue to fight to ensure that every Floridians has access to affordable, dependable flood insurance. My parents, a maid and a janitor, worked hard for what they had. I could not imagine them being forced to choose between paying for insurance to protect their greatest asset - their home - and keeping food on the table. Millions of Floridians just like my parents work hard and play by the rules, and they need to be able to trust that a natural disaster won't destroy all that they have worked so hard to build."

"More than 1.77 million Florida homeowners depend on the NFIP for affordable and reliable coverage for their home against flood damage. Our new legislation puts them first by capping rate increases at 9% to prevent premium hikes under the new Risk Rating 2.0 pricing methodology. It also creates a new affordability program to ensure coverage for low- and middle-income families, and making it easier to pay premiums. I am excited to work across the aisle with my colleagues in the House and Senate to keep flood insurance affordable and help ensure it is there to help Florida homeowners when they need it most."

Additionally, the NFIP Reauthorization and Reform Act:

* Allow states to offer low-interest loans to homeowners, businesses, non-profits, and communities for flood mitigation projects - promoting resiliency (something) climate change and reducing flood risk and premiums.

* Capping Write Your Own (WYO) compensation to ensure private insurance isn't making hand-over-fist profits at the expense of program sustainability.

* Authorizes $500 million per year for FEMA to modernize its flood maps, including for the use of Light Detection and Ranging (LiDAR) technology for more accurate mapping of flood risk.

* Instituting a significant number of policyholder protection and fairness provisions to ensure homeowners who faithfully paid their premiums are treated fairly during the claims process.

* Requires the disclosure of flood risk and prior flood damage to lessors and homebuyers before transfer of the property.