House clears delay in NFIP premium hikes
March 5, 2014 – The House last night passed H.R. 3370, a bill to implement NAFCU-sought delays in flood insurance premium hikes, and key backers in the Senate hope to usher it through final passage.
NAFCU wrote House leaders Tuesday urging passage of the bill. “NAFCU supports the bipartisan agreement on this legislation and looks forward to the bill’s consideration on the House floor today,” wrote NAFCU Vice President of Legislative Affairs Brad Thaler. “NAFCU believes reinstating grandfathered rates and removing the home sale rate increase trigger will help bring a level of certainty to the program, its participants, and the larger housing market.”
The bipartisan agreement on H.R. 3370 added provisions addressing remapping notices to affected communities, limits on yearly policy premium increases and protection of homeowners’ data.
H.R. 3370, sponsored by Rep. Michael Grimm, R-N.Y., and with 238 cosponsors from both parties, would delay National Flood Insurance Program premium hikes called for under the 2012 Biggert-Waters Flood Insurance Reform Act until a mandated affordability study is completed and analyzed.
A delay in NFIP premium increases is also provided in S. 1926, which was passed by the Senate in late January. The bill, sponsored by Sen. Bob Menendez, D-N.J., would delay premium increases for study when flood maps are redrawn under the 2012 Biggert-Waters Act.