Senate to take up flood insurance fix in January
Dec. 20, 2013 – Senate Majority Leader Harry Reid, D-Nev., said he plans a cloture vote in January on a NAFCU-sought delay in premium increases by the National Flood Insurance Program.
At least 60 votes will be needed to avoid a filibuster and allow further discussion of the bill.
In October, the “Homeowner Flood Insurance Affordability Act,” was introduced in the Senate by Sens. Robert Menendez, D-N.J., and Johnny Isakson, R-Ga. NAFCU strongly supports this legislation as well as an identical House bill introduced by Reps. Michael Grimm, R-N.Y., and Maxine Waters, D-Calif.
Both bills would delay premium increases set under a program created by the 2012 Biggert-Waters Flood Insurance Reform Act. It would also require the Federal Emergency Management Agency, which oversees the NFIP, to complete an affordability study and propose regulations that address affordability issues. NAFCU supports a delay in implementing rate increases by the National Flood Insurance Program until further study is completed on how to sustain a reasonable flood insurance program.
NAFCU has written lawmakers in the House and Senate urging a delay in NFIP premium hikes, which are expected to be unaffordable for many and lead to a drop in home values.
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