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Homeowner Flood Insurance Affordability Act of 2014

Floor Speech

Date: March 4, 2014
Location: Washington, DC
Issues: Environment Housing and Property

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Mr. VAN HOLLEN. Mr. Speaker, as the ranking member of the House Budget Committee and someone who supported the original Biggert-Waters flood insurance reauthorization, I am keenly aware of the need for reform in this area. The federal flood insurance program is $24 billion in debt, and its below-market rates encourage development in environmentally sensitive and flood prone areas.

Having said that, it has also become abundantly clear that the transition to market-based rates under the original Biggert-Waters bill has been unduly onerous for many homeowners, and the pace of that transition is in need of adjustment.

Today's bipartisan compromise attempts to provide that adjustment in the form of greater predictability around rate increases for covered properties, paid for with a surcharge on all policyholders. While there were certainly other ways to address this issue, and I could have supported more reform than appears in this particular bill, I will vote for tonight's compromise in order to move this program forward.

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