Rep. Ross: House Approves Bipartisan Flood Insurance Reform
Today, the
"The recent major flood events across the country have provided a much-needed sense of urgency to our efforts to provide consumers with private sector flood insurance options. Currently, many homeowners in
"As with other forms of insurance, the private sector, in conjunction with state insurance commissioners, can provide the innovation and flexibility that will help homeowners better manage and understand their risk, while also reducing the number of uninsured homes and incentivizing investments in flood mitigation and resiliency efforts. It would be irresponsible to delay passage of this bipartisan reform any longer. If our
Prior to the vote,
Included in this bill are two provisions that are particularly important to my constituents in central
The catastrophic impact of the 3 major hurricanes is heartbreaking and tragic. However, it has been inspiring to witness the outpouring of charity and goodwill from our communities in response.
Now, it's time for this
The tax relief for disaster victims in this legislation is a great first step.
This bill will help individuals in the disaster areas keep their jobs; support retirement savers paying for recovery; encourage charitable contributions to help victims; put more money in the pockets of families trying to get their lives back on track after having lost everything.
To deny our constituents this relief because it's not enough is simply irresponsible.
To be sure, I agree that more aid will likely be needed, but is that really a good excuse to do nothing? I certainly don't think so.
Thanks to the inclusion of my legislation, H.R. 1422, this bill will provide consumers with more options and lower costs in the flood insurance marketplace, as well as help to reduce the unacceptable number of homes not insured for flood losses.
Last
This isn't a Republican or Democrat priority. This is a national priority.
The NFIP is more than
The NFIP desperately needs to off-load some of its risk, and we can help by allowing the private sector to do what it does best, compete for customers by offering better service, lower prices, and more comprehensive coverage.
I understand some of my colleagues think competition will destabilize the NFIP.
First, we need to be clear that the NFIP in its currents state is beleaguered, it is not stable, not sustainable. Reforms must be made.
Second, I'd urge my colleagues to recognize that by forcing nearly all of the flood risk in this nation into a single, government-run insurance program, we contribute to the NFIP's bloated and unstable risk portfolio.
So the NFIP needs some help, and consumers need competition. More coverage options will help make flood insurance an attractive investment for everyone, thereby reducing the number of uninsured homes.
With the NFIP alone, our constituents are severely limited. For example, an NFIP policy only covers up to
While the NFIP is limited in what their policies can cover, the private sector is not.
In addition to offering more comprehensive policies, the private sector will provide more incentives for property owners to invest in mitigation and resiliency. Ultimately, this increased emphasis on mitigation will benefit homeowners and taxpayers alike.
In fact, the Ranking Member of the Financial Services Committee, during the mark up of this bill - where it passed unanimously (58-0) - said this effort would give our constituents some real choice, and was quote "meaningful compromise, the kind of compromise that reasonable people can engage in."
Well, the bill is all here. It's substantively the same bill most Members supported in the past. Here's our chance to provide consumers with real choice in flood insurance. We must seize this opportunity!
The private flood language in this bill is supported by a number of stakeholders, from the Realtors, to the
This bill is the first step toward righting the NFIP ship, and I hope my colleagues will join me in supporting its passage.
Before I yield, I ask unanimous consent to submit for the record a letter from 15 major insurance, housing, and banking trade associations in support of the private flood insurance provisions in H.R. 3823.
Thank you. In closing, I would like to thank Chairman Brady, Shuster, and Hensarling for their work bringing this bill to the floor.
I hope that we can act quickly to put it on the President's desk, and provide relief for victims of Hurricane's Harvey, Maria, and Irma. Thank you.
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