Isakson praises effort to pass flood insurance fix

U.S. Sen. Johnny Isakson, R-Ga., praised the Senate passage of the Homeowner Flood Insurance Affordability Act of 2014, which would protect millions of homeowners from being hit by huge flood insurance premium rate hikes.

The bill, H.R.3370, was approved by the Senate by a vote of 72-22. The measure will now advance to the White House to be signed into law by the president.

“I am thrilled the Senate was able to come together in a bipartisan manner today to protect millions of hardworking families across the country from the steep increases in their annual flood insurance premiums,” said Isakson. “Today’s critical action will bring relief for many Americans and Georgians who were facing unaffordable flood insurance premiums that could have caused them to lose their homes and see their home values plummet.”

Specifically, H.R.3370, will mitigate the unintended, unaffordable annual flood insurance premium increases felt by many homeowners that were included in the Biggert-Waters law enacted in 2012. The bill reinstates the grandfathering provision of the flood insurance program, protecting homes that complied with previous flood maps from being hit with rate spikes due to new mapping.

H.R.3370 also helps ensure the financial solvency of the National Flood Insurance Program by including a modest annual premium surcharge.

Isakson has worked with Republicans and Democrats for several months on the flood insurance legislation. He has repeatedly voiced the concern that without action, some homeowners would not be able to afford large increases in their flood insurance premiums and in turn, could lose their homes. If that had happened, housing markets in flood plain and coastal areas would have been hurt, causing local economies to decline.

HHJ News