The Homeowners Flood Insurance Affordability Act, H.R. 3370, is a result of bipartisan negotiations over the last several weeks. According to Rep. Waters, "Over the past several months, I have felt the harm and heartache that many Americans have already experienced as a result of changes to the National Flood Insurance Program. From the start, I have made clear that I would lead the effort to fix the unintended consequences of the Biggert-Waters Flood Insurance Reform Act."
The rate delay would apply to:
- Primary residences
- Non-repetitive loss residences currently grandfathered
- All properties sold after July 6, 2012 [Effective date of Biggert-Waters Act]
- All properties that purchased a new Flood Insurance policy after July 6, 2012
Included in the legislation:
- Allows FEMA to utilize NFIP funds to reimburse policyholders who successfully appeal a map determination.
- Eliminates the 50% cap on state and local contributions to levee construction and reconstruction
- Protects the so-called “basement exception,” which allows the lowest proofed opening in a home to be used for determining flood insurance rates.
- Establishes a Flood Insurance Rate Map [FIRM] Advocate within FEMA to answer current and prospective policyholder questions about the flood mapping process.
- Requires FEMA to certify that the agency has fully adopted a modernized risk-based approach to analyzing flood risk.
Learn more from Rep. Waters.
Learn more about H.R. 3370.