U.S. House of Representatives Votes To Halt Harmful Spikes in Flood Insurance Premiums

On Wednesday, February 26th, the U.S. House of Representatives will vote on legislation to halt harmful spikes in flood insurance premiums.  Do you want to spend more money on flood insurance than what it costs to insure your house.  The Briggs-Water Act that was enacted has led to such situations.   This HB3370 is meant to keep flood insurance at a reasonable rate so that homeowners can protect their home.  If the cost of flood insurance rises to much, many homeowners may not carry a policy.  Then what?  Homes that remain in disrepair because homeowners do not have enough money to fix it after being flooded.  Imagine what your neighborhood would look like with homes that were left after a flood.
H.R. 3370 offers immediate flood insurance rate relief by—
  • Repealing punitive flood insurance rate increases for properties built to code and above 100-year floodplain elevations at time of construction
  • Reforming NFIP premiums to allow manageable premium increases so higher flood risk properties pay reasonable premiums to offset program losses
  • Reserving against future catastrophic flood losses

To read about this bill please click this link House Bill 3370

If you agree, please contact your US Representative asking them to vote for this legislation.  If you don’t know what to say here is a suggestion:

Subject:  Support HR3370

I request that you vote in favor of H.R. 3370, the “Homeowner Flood Insurance Affordability Act” when the legislation comes before the House of Representatives on February 26th.

H.R. 3370 is important legislation that makes commonsense reforms to the National Flood Insurance Program (NFIP). Changes made to the NFIP by the 2012 Biggert-Waters Act are impractical and have led to exorbitant increases in flood insurance premiums, often on the basis of flawed flood insurance rate maps.

H.R. 3370 reforms the NFIP by ensuring flood maps are accurate, premiums are sustainable, and that higher risk properties do more to support the NFIP. H.R. 3370 protects the NFIP and taxpayers from future catastrophic losses by funding the NFIP’s reserve account and allowing the NFIP to purchase reinsurance in the private markets.

H.R. 3370 will help stabilize the NFIP, protect taxpayers, and ensure that homeowners and businesses have access to affordable, appropriately priced flood insurance coverage.

Thank you for your consideration of my views, and again I request that you vote in favor of H.R. 3370.

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