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Urge your Representatives to Vote for the Homeowner Flood Insurance Affordability Act

Tuesday, February 25, 2014   (0 Comments)
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The House of Representatives will soon be considering the NAHB-supported H.R. 3370, the Homeowner Flood Insurance Affordability Act. This bill addresses serious affordability concerns due to dramatic flood insurance premium increases, and if not corrected, will continue to severely impact the construction, remodeling, and sale of homes in many communities across the nation. This bill will provide certainty and financial stability to the National Flood Insurance Program.

H.R. 3370 provides a more affordable rate structure for policyholders, repeals the rate increases from the sale or transfer of homes, restores the substantial improvement threshold to the historic 50%, requires FEMA to create more accurate flood maps, and ensures that consumers can be reimbursed for successful map appeals.

Call to action: Call your Representative at (866) 924-NAHB (6242) or email them using NAHB’s BuilderLink letter.

Your ask: Urge your Representative to vote YES on H.R. 3370, the Homeowner Flood Insurance Affordability Act.

Costs to Remodelers

The most important part of H.R. 3370 for remodelers addresses increased flood insurance costs for the remodeling and renovation industry due to a change in the substantial improvement threshold. Previous legislation reduced the substantial improvement threshold from 50% to 30% of a structure’s fair market value. The lower threshold could result in many home owners postponing even simple renovation projects, such as energy efficiency improvements, for fear of incurring massive increases in flood insurance costs.

Those meeting the lower threshold will realize a double-whammy. First, home owners will realize increases in flood insurance rates to be phased in over a four-year period. Meeting the threshold triggers a home owner to bring property into compliance with current local flood prevention requirements such as elevating the building, relocating electrical systems, or using more resistant construction methods or materials. 

Senate Flood Insurance Bill Helps Remodelers

The Senate on Jan. 30 approved the Homeowner Flood Insurance Affordability Act (S. 1926), legislation championed by NAHB that would provide relief from soaring flood insurance premium rates for countless home owners across the nation. The measure also contains an amendment by Sen. Roy Blunt (R-Mo.) regarding thesubstantial improvement threshold that is critical to the health of the remodeling industry.

For more information contact Lake Coulson (800-368-5242 x8510) or Tabby Waqar (800-368-5242 x8327).

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