WASHINGTON, D.C. – U.S. Sen. Thad Cochran (R-Miss.) is praising the passage of legislation in the House of Representatives that, like a Senate-passed bill he helped write, would protect homeowners, businesses and communities from unreasonable flood insurance premiums without jeopardizing the stability of the National Flood Insurance Program (NFIP).
Cochran said the Homeowner Flood Insurance Affordability Act (HR.3370) that the House of Representatives approved (306-91) yesterday evening, would achieve the primary goals of the Senate-passed companion bill he helped author to address problems exposed with implementation of the Biggert-Waters Flood Insurance Reform Act of 2012 by the Federal Emergency Management Agency (FEMA).
“The prospect that families and property owners who have played by the rules could be priced out of their homes because of flood insurance costs is real and a threat to the future of the flood insurance program,” Cochran said. “It is a plan that would hold FEMA accountable and continue reforms that will maintain the viability of the National Flood Insurance Programs. I am optimistic we can resolve our differences with the other body and get a bill signed into law that is responsible and responsive to the needs of the people.”
The House bill includes offsets for the costs of modifying Biggert-Waters, the reform law that threatens NFIP policyholders in Mississippi and across the country with unaffordable premium cost increases. The House measure, among other things, would limit annual policy rate increases, force FEMA to certify its mapping methodology, and set milestones for FEMA to carry out a flood insurance rate affordability study.
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