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Rising Flood Insurance Premiums Addressed in Legislation

October 29th, 2013 Comments off

Chairman of the National Association of Home Builders (NAHB) Rick Judson commends the bi-partisan support from two Senators and two Representatives for advocating identical legislation providing relief from rising flood insurance premiums. Reps. Michael Grimm (R-N.Y.) and Maxine Waters (D-Calif.) and Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.) support the Homeowner Flood Insurance Affordability Act which will fix some of the unintended consequences of the Biggert-Waters Flood Insurance Reform Act. The measure would prevent premium rate hikes from going into effect for four years, thereby giving the Federal Emergency Management Agency (FEMA) time to accurately determine flood risk and respond to challenges from those who can prove existing flood plain maps are inaccurate. As MHProNews has learned, Judson’s statement says, “These provisions in the insurance reform bill will prevent undue hardship on the recovering housing market, help current and future policyholders keep their premiums affordable, prevent home values from dropping, and make the National Flood Insurance Program more effective for years to come.”

(Photo credit: glenviewpatch–Sunset Village manufactured home community)