OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Homeowner Flood Insurance Affordability Act of 2014

Floor Speech

Date: March 4, 2014
Location: Washington, DC
Issues: Finance and Banking Environment

Ms. VELÁZQUEZ. Mr. Speaker, I rise in strong support of this bipartisan legislation.

Sixteen months ago, Hurricane Sandy battered New York City. Even today, efforts to rebuild continue. However, because of unforeseen consequences in previous flood insurance laws, many of the businesses, families, and homeowners affected by this storm may be hit again, this time by a flood of rising insurance premiums.

Because of how the law is structured, over 26,000 New York City homeowners and businesses will see their annual flood insurance premiums increase at least 25 percent. In some cases, people who previously paid $430 annually could see their rates rise to $5,000 or even $10,000--an unsustainable amount.

Today's bill will address these unintended consequences of last year's reforms. By eliminating the property transfer trigger, buyers and sellers will now have peace of mind.

Mr. Speaker, we all want to ensure the National Flood Insurance Program is solvent, but we must do it in a way that does not harm those who have already suffered enough.


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