Comprehensive Flood Insurance Legislation Passes House
Washington, DC, March 4, 2014
Tags: Flood Insurance
In an overwhelmingly bipartisan vote of 301-91, today the U.S. House of Representatives passed comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act.
For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the Federal Emergency Management Agency (FEMA).
As a coauthor of the Biggert-Waters legislation, Congresswoman Waters has taken worked to address the unintended consequences of the law, spearheading bipartisan, bicameral legislation that passed the Senate and garnered the support of more a majority of the House of Representatives. Over the past several weeks, Waters and other Democrats have been working with Republican leadership to craft an alternative measure that can garner the support of Congress and also achieve affordability.
Waters made the following statement:
“Passage of this legislation is a significant victory for the thousands of Americans who are facing unaffordable flood insurance premiums. As we committed to many months ago, Democrats have worked tirelessly to fix this problem. I’m pleased we could come together and provide relief for working families dealing with skyrocketing insurance premiums, depressed home prices and the inability to buy or sell their home.
This House measure strikes an important balance – addressing affordability concerns, bringing accountability to FEMA and protecting the stability of the National Flood Insurance Program. It ends the dramatic increases caused by events such as property sales – and restores grandfathered rates for those who played by the rules and built their properties according to code. For families hit by unaffordable premium increases, this bill provides important relief in the form of a refund.
If enacted into law, this legislation will provide homeowners living in flood-prone regions with the clarity and certainty of knowing that the cost of insurance will not undercut their ability to buy, sell – or remain in – their homes.
I urge passage of this legislation by the Senate without delay.”
Waters led the Democratic effort in support of the legislation on the House floor today.