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Tuesday, September 24, 2013

Bill Targets Flood Insurance Rates and Maps

Since the passage of the Biggert-Waters Act last year, Congress has sought to delay the flood insurance rate hikes and promote more accurate flood maps in order to help ease the burden the rate hikes could have on homeowners and communities (See Rep. Cassidy's H.R. 3013). 

The latest bill, H.R. 3156, introduced by Congressman Steve Stockman (R-TX) is titled "Responsible Implementation of Flood Insurance Reform Act." According to Rep. Stockman, "These sensible reforms and requirements for more accurate maps would protect homeowners from spikes in their flood insurance."

Sen. Vitter (R-LA) introduced the Senate bill, S. 1098. The Responsible Implementation of Flood Insurance Reform Act does the following:
  • Ensure that communities that were developing new maps by the end of 2013 will be able to maintain the grandfathered rates that are subject to change in Section 207 of the Flood Insurance Reform Act of 2012 (PL.112-141);
  • Allow a five-year phase in of actuarially sound rates for newly purchased homes;
  • Authorize state and local governments flexibility to subsidize homeowners flood insurance properties if they so choose;
  • Enable 25% of mitigation funding in any given year to go directly to homeowners to support pre-disaster mitigation improvements;
  • Prohibit FEMA from considering the level of federal funding or participation in the flood control structure project when determining the level of protection that the project provides the community; and
  • Require that FEMA include all protections provided by any levee, dam or other flood control structure regardless of accreditation status before the flood insurance rate map or update may be finalized.
Read Rep. Stockman's Press Release.

Learn more about H.R. 3156.