January 29, 2014

Senate set to vote on NFIP premium delay

Jan. 30, 2014 – NAFCU-sought legislation to delay steep increases in some homeowners' flood insurance premiums is set for final action today in the Senate, which was working through a number of amendments filed on the bill.

S. 1926, introduced by Sen. Bob Menendez, D-N.J., would provide up to a four-year delay in some premium hikes when flood maps are redrawn under the 2012 Biggert-Waters Flood Insurance Reform Act. The bill is cosponsored by Sens. Johnny Isakson, R-Ga., Mary Landrieu, D-La., and David Vitter, R-La.

ABC News reported on Tuesday that the bill's prospects in the House are uncertain. "Speaker John Boehner, R-Ohio, opposes the Senate bill but was holding the door open to a more modest measure that would leave more of the 2012 overhaul in place," the news report said.

In a letter Monday, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated the association's call to Senate leaders for action on legislation ensuring that National Flood Insurance Program premium hikes do not happen before an affordability study is completed and reviewed. Thaler warned that sharp increases in premiums could impede home sales, block home buyers' access to credit and harm the housing recovery.