National Flood Insurance Reform Approved by House of ...

Posted in Home Insurance

The House of Representatives passed the National Flood Insurance Reform Act this week, which will re-authorize the National Flood Insurance Program (NFIP). After years of debates from lawmakers on how to handle the program, the House surprised many by passing the bill easily.

HR 1309 Passes with Overwhelming Support

The House passed HR 1309 with a 406-22 vote this week. Lawmakers were highly supportive of the bill that re-authorizes the NFIP. in addition to re-authorizing the NFIP, HR 1309 will:

• Establish the Technical Mapping Advisory Council, which will develop new standards for 100-year FEMA flood plain maps.
• Require FEMA to update the maps over a five-year period based on the council?s recommendations.
• Delay the mandatory purchase of flood insurance for five years and phase in full-cost insurance over another five-year period.

Flood Insurance Program on the Road to Recovery

It?s no secret that the National Flood Insurance program has problems over the past couple of years. it suffered multiple expirations due to lawmakers? failure to agree on how it should be managed.

As a result, millions of homeowners found they were unable to purchase new flood insurance coverage, or weren?t covered by the insurance they?d already purchased.

In Sept. 2010, after numerous month-to-month program extensions, lawmakers decided to extend the program for one year, which would give them time to decide how to create a bill that could manage the issues NFIP and FEMA were having with program budgets and floodplain maps.

The resulting HR 1309 still needs to push through the Senate and must be signed by President Barack Obama to become a law. But many think that the support it received in the House is indicative of the support it will receive from the rest of Congress.

National Flood Insurance Reform Approved by House of Representatives

Source: http://www.insurance4noobs.com/national-flood-insurance-reform-approved-by-house-of-representatives/

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