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House Flood Insurance Bill will Curb Rate Hikes, Keep Housing on Track

Tuesday, March 04, 2014   (0 Comments)
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The House on March 4 approved flood insurance legislation that will benefit home buyers and home owners and provide a boost to home building and remodeling, while providing certainty and financial stability to the National Flood Insurance Program (NFIP). The bill now moves to the Senate.

“By providing predictable premium increases, the Homeowner Flood Insurance Affordability Act (H.R. 3370) will prevent home values from dropping and make the NFIP stronger and more effective for years to come,” said NAHB Chairman Kevin Kelly.

H.R. 3370 will help address some of the costly and unintended consequences of the Biggert-Waters Flood Insurance Reform Act, including huge premium spikes and impacts on the sale, construction and remodeling of homes across the nation.

The Homeowner Flood Insurance Affordability Act will:

  • Provide a more affordable rate structure for policyholders.
  • Repeal the rate increases from the sale or transfer homes to full actuarial rates.
  • Create more accurate flood maps.
  • Provide reimbursement for successful consumer map appeals.
  • Return the “substantial improvement threshold” that triggers a higher flood insurance rate to the historic 50% level of a structure’s fair market value, which would preserve significant remodeling activity.
  • Reinstate an exemption in 53 communities nationwide for basements that are built in a flood-proof manner.

NAHB commends Reps. Eric Cantor (R-Va.), Michael Grimm (R-N.Y.), Maxine Waters (D-Calif.), Bill Cassidy (R-La.), Frank LoBiondo (R-N.J.), Carolyn McCarthy (D-N.Y.), Cedric Richmond (D-La.), Dennis Ross (R-Fla.) and Steve Scalise (R-La.) for their efforts to pass this bill through the House.

“H.R. 3370 provides a common-sense, bipartisan approach to flood insurance reform that won’t add a dime to the federal deficit while ensuring that premium holders will not face drastic rate hikes,” Kelly said. “NAHB urges the Senate to move quickly to pass this bill.”

* NAHB's lobbying efforts have not gone unnoticed, as this story in The Hill demonstrates.

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