Flood Insurance Reform Priorities Act of 2010

Floor Speech

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Ms. RICHARDSON. Mr. Chair, I rise today in support of H.R. 5114, the Flood Insurance Reform Priorities Act of 2010, which extends the flood insurance program that provides peace of mind and security for millions of Americans. This measure also enacts important reforms that make the National Flood Insurance Program (NFIP) more financially sustainable and provide much-needed assistance to individuals in newly mapped flood zones.

I thank Chairman FRANK for his leadership in bringing this bill to the floor. I also thank Congresswoman WATERS for her commitment to ensuring that this bill is equitable and does riot disadvantage struggling families and businesses.

Mr. Chair, the NFIP is an important government program that makes flood insurance available to many vulnerable families that otherwise would be unable to find coverage. However, it is critical for us to ensure that this program does not unnecessarily disadvantage individuals in newly mapped flood zones by imposing immediate insurance mandates and crippling premiums.

Fortunately, H.R. 5114 contains important provisions ensuring that it will not overburden families and businesses, many of whom are already struggling in these tough economic times. This bill delays for five years the mandatory purchase requirement for flood insurance. Following this five year delay, the bill allows for a five year phase-in of actuarial rates for newly mapped areas. These provisions provide necessary relief to families who have not been required to purchase flood insurance in the past and may be unprepared for this new expense.

For example, areas in my district with little or no history of flooding have recently been remapped into a flood zone that assigns a ``once in 100 years'' risk of flooding. The five year delay in the purchasing requirement and the five year phase-in of actuarial rates will give my district a grace period in which we can improve our levee and flood protection systems and ultimately lose our ``at risk'' designation. This bill gives districts like mine all across the country the opportunity to make improvements without taking on the financial burden of flood insurance premiums in this period of economic recovery.

Mr. Chair, this bill is important for the people for whom it provides flood insurance and the people that it protects from unnecessary financial burdens. It is an appropriate measure that is worthy of our support. I urge my colleagues to join me in supporting H.R. 5114.

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