Flood Insurance Reform Act of 2011

Floor Speech

The House in Committee of the Whole House on the State of the Union had under consideration the bill (H.R. 1309) to extend the authorization of the national flood insurance program, to achieve reforms to improve the financial integrity and stability of the program, and to increase the role of private markets in the management of flood insurance risk, and for other purposes:

* Ms. MCCOLLUM. Madam Chair, I rise in support of H.R. 1309, the Flood Insurance Reform Act of 2011. This important bill reauthorizes the National Flood Insurance Program (NFIP) through Fiscal Year 2016 and secures the program's near-term fiscal health. Minnesota has experienced its fair share of flooding this year. This bill is vitally needed to help communities in my state and states across the country recover from natural disasters.

* The National Flood Insurance Program (NFIP) was established by Congress under the National Flood Insurance Act of 1968. The NFIP is a federal program that enables property owners in participating communities to purchase flood insurance in exchange for state and community flood protections. The National Flood Insurance Program is the primary source of reliable, affordable flood insurance coverage for about 5.6 million homes and businesses.

* H.R. 1309 takes the necessary steps to ensure the NFIP's long term viability by encouraging broader participation in the program, eliminating wasteful subsidies, and updating the program to meet needs of the 21st century. Lastly, this bill delays the mandatory requirement for homeowners in newly classified ``Special Flood Hazard Areas'' to purchase flood insurance. The three year delay ensures affected homeowners are not suddenly burdened with new insurance costs and allows them adequate time to challenge new flood zone designations.

* I urge my colleagues to support the Flood Insurance Reform Act of 2011.

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