Horsford Votes To Help Lower Homeowner Flood Insurance Rates

Press Release

Today, Representative Steven Horsford (NV-4) voted to approve H.R. 3370, the Homeowner Flood Insurance Affordability Act. The bill is a bipartisan piece of legislation that will provide relief to millions of homeowners who have seen their flood insurance rates spike.

The House passed the bill by a vote of 306-91.

"I am glad that we were able to come together and pass this critically important legislation for the American people," Horsford said. "My constituents told me about how the rate increases for flood insurance can be excessive and unfair. This legislation will ensure thousands of Nevadans will receive relief so they are able to afford their flood insurance."

The legislation repeals certain rate increase "triggers," ensuring that no policyholder will experience dramatic rate increases from the sale of a home or a lapse in policy. It also restores "grandfathering," so those who built properties to code in the past do not have to worry about catastrophic rate increases as a result of remapping.

The bill also establishes a hard cap on rate increases for individuals, protections for properties newly mapped into flood areas, and significant reforms to the mapping process that will ensure community involvement and accuracy.

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