NFIP Update: Ammendment Passes, Protects Homeowners from Changes to Flood Insurance

Posted: Jun 6, 2013 4:45 PM
Updated: Jun 6, 2013 4:46 PM

Congressman Cassidy's Amendment to the Homeland Security Bill halts FEMA implementation of the phasing out of the grandfather provision in the 2012 Flood Insurance Act. The passage of this bill was helped by Congressman Scalise and other delegation members. Click here to watch a video of Congressman Scalise's floor speech in favor of the amendment.

Vitter to Introduce Flood Insurance Rate Fix in Senate Banking Committee, Gets Commitment for a Hearing with FEMA

U.S. Senator David Vitter introduced an amendment to legislation during the U.S. Senate Banking Committee Markup to avoid potentially drastic flood insurance rate increases.

Vitter's amendment would:

• Require FEMA to study and asses the options for making voluntary community based flood insurance policies available through the National Flood Insurance Program (NFIP). The report will be reviewed by the GAO who will submit an analysis of the report to Congress;
• Require a minimum of 25% of mitigation funding go directly to homeowners in a given year;
• Prohibit FEMA from considering the level of federal funding or participation in the flood control structure project when determining the level of protection that the project provides the community;
• Require that FEMA include all protections provided by any levee, dam or other flood control structure regardless of accreditation status before the flood insurance rate map or update may be finalized; and
• Provide additional funding for the study of the impact of Biggert-Waters on the affordability of flood insurance and delays the implementation of the implementation of section 207 of Biggert-Waters until FEMA completes the study and submits it to Congress.
Congress allowed the NFIP to lapse four times in recent years for a total of 53 days during which individuals could not acquire flood insurance coverage. During those lapses, real estate closings were postponed or canceled. The National Association of Realtors estimated that failing to reauthorize the NFIP could result in losing almost 40,000 closings per month.

Later this week, Vitter and Thad Cochran will introduce legislation to reform the Biggert-Waters act by delaying the period of phasing in food insurance rates, giving flexibility for state and local governments to assist with subsidizing flood insurance, and reforming the Federal Emergency Management Agency's (FEMA) flood mapping procedure.

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