Graves Votes for Long-Term Flood Insurance Reauthorization Bill

Press Release

Today, Congressman Sam Graves voted in favor of H.R. 5114, the Flood Insurance Reform Priorities Act of 2010, which passed the House with bi-partisan support. The bill reauthorizes the National Flood Insurance Program (NFIP) for five years through 2015. President Obama recently signed into law a temporary extension of the program through September of this year.

"Thousands of families in the Sixth District rely on the NFIP to help them recover from devastating flooding," Graves said. "A long-term reauthorization of this bill will provide homeowners with peace of mind knowing their property is protected in case of a natural disaster."

The bill would increase the maximum coverage limits for flood insurance policies. The new coverage limits would be $335,000 (up from $250,000) for residences; $135,000 (up from $100,000) for belongings; and $670,000 (up from $500,000) for non-residential properties.

"I'm also pleased this legislation phases in the mandatory flood insurance purchase requirements for those who are in a newly designated flood zone," Graves added. "Newly designated areas will not be required to purchase flood insurance for five years after the new map takes effect. It's also important to note that low-income families will be able to pay their premiums in monthly installments instead of all at once."

The bill also takes into consideration local investment for the reconstruction or improvement of a flood protection system when determining flood insurance rates, an issue Graves has previously championed in the House. Those who live in areas protected by a repaired or improved flood protection system might qualify to pay a lower premium.

The bill now awaits a vote in the Senate before it can be signed into law by the President.

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