Issue Position: Flood Insurance

Issue Position

Homeowners across the country are facing flood insurance rate increases as a result of reforms in the Biggert-Waters Act, made to address the solvency and affordability of the National Flood Insurance Program, which protects homeowners from flood losses. Because of FEMA's implementation of Biggert-Waters, premiums were expected to increase up to tens of thousands of dollars. Thankfully, through hard work and bipartisanship, Congress found a long-term solution to ensure flood insurance remains affordable for both current and future homeowners, and passed H.R. 3370, the Homeowner Flood Insurance Affordability Act of 2013. This legislation subsequently passed the Senate, and was signed into law on March 21, 2014.

Prior to the introduction of H.R. 3370, Congressman Bilirakis introduced the Homeowners Flood Insurance Relief Act, to substantively address the flood insurance rate increase. He heard from my constituents, and was involved in this process from the beginning. Representative Bilirakis was proud to be part of the core group of bipartisan legislators who worked with Majority Leader Cantor to get H.R. 3370 passed in the House of Representatives.

H.R. 3370 includes common-sense reforms that not only continue the intent of the NFIP -- to protect homeowners from devastating floods -- but also ensures the program is able to cover its costs. It is important to stress that the reforms made to the NFIP were not intended to cause the dramatic increases that homeowners are currently experiencing.

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