Reps. Zeldin, Maloney Incentivize Mitigation, Protect Co-ops in Committee Passage of National Flood Insurance Program Reauthorization
Representatives
Their provisions would result in a credit to homeowners with National Flood Insurance Program (NFIP) policies who invest in mitigation activities, such as elevating their homes, adding porous foundations or moving boilers to a higher floor, which would result in lower premiums and help reduce the cost to homeowners and would also require
Furthermore, H.R. 3167 would:
* Reauthorize NFIP for five years through
* Modernize mapping - Require FEMA to employ updated mapping technology and expand current flood mapping to all areas of the
* Benefit policyholders - Allow NFIP policyholders who leave the program to purchase a private insurance policy to return to NFIP without penalty and requires
* Protect taxpayer dollars - Require a new annual independent actuarial study of NFIP to analyze its financial status, recommend changes, and evaluate its accuracy.
* Hold bad actors accountable - Require FEMA to prohibit false or fraudulent statements connected to the preparation, production or submission of claims adjustment or engineering reports, and prohibits hiring any attorney in connection with the program who has been suspended or disbarred.
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