Ros-Lehtinen Introduces Amendment To Legislation Reauthorizing National Flood Insurance Program

Congresswoman Ileana Ros-Lehtinen, who represents high risk flood prone areas of the Florida Keys and Miami-Dade County, is introducing an amendment to the reauthorization of the National Flood Insurance Program (NFIP) that would prevent FEMA from possibly increasing premiums 100% more per year than current law provides. The amendment is supported by other members of the South Florida Congressional Delegation and Ileana spoke in support of this amendment on the Floor of the House today, Tuesday.

The reauthorization of the NFIP will allow premium rate increases of 20% per year as opposed to the current 10% per year, thus Ros-Lehtinen's amendment will keep the cap at the current 10%. One in four Floridians is covered under the NFIP, collectively paying $900 million in premiums per year.

This reauthorization will extend the NFIP through 2016 and in doing so will avoid the short term extensions that have been the norm in the past. Just last year in 2010, the NFIP was allowed to lapse 3 times, causing much instability in the weak housing market because home buyers wishing to purchase a property located on a flood plain were unable to close on their homes.
Said Ros-Lehtinen, "This reauthorization of the NFIP is not perfect but I support it because it will provide much needed stability to homeowners and businesses as it will avoid any lapses in coverage through 2016. I am hopeful that my colleagues will support my amendment to the legislation to keep yearly rates increases at no more than 10%. During these difficult economic times, it is irresponsible to allow rates to rise 20% per year when America's families are struggling to make ends meet."

Ileana also wanted to share credit for this important amendment with her South Florida colleagues, Frederica Wilson and Mario Diaz-Balart, as they presented this amendment in front of the Rules Committee.

Source