The House leadership over the weekend released the text of new legislation (H.R. 3370), sponsored by Rep. Michael Grimm (R-N.Y.), to address the affordability of the National Flood Insurance Program. The House is expected to vote on the bill as early as Wednesday.
The ABIA-supported bill would address a number of unintended consequences stemming from the 2012 Biggert-Waters flood insurance reform law. H.R. 3370, the Homeowners Flood Insurance Affordability Act, would reinstate grandfathered and pre-FIRM status for covered properties, allow new purchasers to assume existing flood policies when buying a property, and cap rate increases at no more than 15 percent on average for policyholders. The bill also addresses serious concerns over escrow requirements imposed under Biggert-Waters and seeks to trigger the growth of private flood insurance policies as an alternative to the NFIP.
ABIA and ABA have been working actively with House and Senate leaders on a number of flood insurance issues this Congress, including advocating for S. 1926, a flood insurance affordability bill that passed the Senate on Jan. 30.
Today, the ABIA and ABA sent a joint letter to members of the House of Representatives in support of H.R. 3370. Read the letter.
Flood insurance reform will be one of the main topics discussed at the ABIA Washington Forum on February 26, 2014. During this event, attendees will hear from co-sponsors of H.R. 3370, including Rep. Grimm (R-NY), Rep. Cassidy (R-LA) and Rep. Maloney (D-NY).
Learn more about this event.