Merkley Praises Passage of Flood Insurance Bill

Press Release

Today, Oregon's Senator Jeff Merkley praised the passage of the Homeowner Flood Insurance Affordability Act, which would block currently planned increases in flood insurance premiums for primary residences and businesses. Merkley, an original cosponsor of the bill, was instrumental in the bill's development and passage, raising awareness of the issue in a hearing he held in September as Chair of the Economic Policy Subcommittee, which oversees the National Flood Insurance Program. Merkley also convened a bipartisan meeting of Senators who drafted the bill.

"While the Senate continues to work toward a long-term solution to flood insurance, Oregon families shouldn't be hit with drastic flood insurance rate hikes that are unaffordable or will make their homes impossible to sell," Merkley said. "I am glad that the Senate acted in a bipartisan fashion to freeze the rate hikes, and I urge the House to act immediately to provide relief to homeowners."

The bill will protect thousands of Oregon homeowners from facing huge flood insurance premium rate hikes. The bill resets the debate, tasking FEMA to complete an affordability study, propose solutions, and improve the reliability of the flood plain maps.

A hastily passed bill last year made substantial changes to the National Flood Insurance Program, resulting in enormous rate hikes for many homeowners, in some cases leading to flood insurance premiums that exceeded the amount they pay on their mortgages. For months, Merkley has been highlighting the problems, including sharing stories of Oregonians at risk of losing their homes or unable to sell as a result of the new policies.

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