Kind Votes for Affordable Flood Insurance Act
For the City-Times
U.S. Rep. Ron Kind Tuesday voted today in favor of the Homeowner Flood Insurance Affordability Act, comprehensive legislation designed to end unaffordable flood insurance rate hikes.
“This bipartisan bill would bring relief to hundreds of thousands of homeowners who are living in flood-prone regions, including many communities in Wisconsin,” said Rep. Kind. “It will help address affordability concerns, bring accountability to FEMA and ensure the stability of the National Flood Insurance Program.”
The bill, H.R. 3370, would provide homeowners with clarity and certainty that the cost of their insurance will not force them from their homes, undercut their ability to buy or sell a home, or result in depressed home prices. It also would bring accountability to the Federal Emergency Management Agency (FEMA), requiring it to provide Congress with the affordability study that was supposed to be finished almost a year ago.
It includes a number of important provisions to protect flood insurance policyholders from dramatic rate hikes, such as ending severe increases caused by property sales (and other events), and restoring grandfathered rates for those who built their homes according to code. And for those hit by steep premium increases, the legislation provides financial relief in the form of a refund. Additionally, it would limit yearly premium increases to an average annual increase of 15 percent.
Local leaders from flood-prone communities in Wisconsin have expressed their strong support for the legislation. “This bill is an important step toward helping Wisconsin families stay in their homes, safeguarding against sudden rate hikes, and increasing FEMA’s accountability to local communities,” said Doug Kerns, La Crosse’s Certified Floodplain Manager.