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Monday, January 27, 2014

House Introduces More Flood Insurance Bills

This week all eyes are on the Senate as they are expected to proceed with debate on the paird flood insurance and NARAB II bills: S. 1846 The Homeowner Flood Insurance Availability Act and S.534 National Association of Registered Agents and Brokers Reform Act.

However, the House has introduce additional legislation pertaining to flood insurance:
  1. HR 3815: bill would fully repeal the Biggert-Waters Act of 2012. Introduced by Rep. Tom Marino (R-PA10). Read Rep. Marino's press release.
  2. HR 3834: Flood Safe Basements Act. this bill would preserve the basement exception that was not included in the Biggert-Waters Act. Introduced by Rep. Kevin Cramer (R-ND).
  3. HR 3924: Helping Owners Mitigate Effectively ("HOME") Act of 2014. This bill would place a five year delay on rate increases across the board, require that FEMA conduct an affordability study, and create long-term solutions to the National Flood Insurance Program’s (NFIP) underlying issues by incentivizing mitigation measures. Introduced by Rep. Joe Garcia (D-FL26). Read Rep. Garcia's press release.