Skip to main content
  1. News
  2. Politics
  3. Nonpartisan

House passes flood insurance legislation

See also

The National Association of Home Builders (NAHB) yesterday praised the the U.S. House for approving H.R. 3370, the flood insurance legislation with a vote of 306-91. NAHB stated the passing of the bill will boost home building and remodeling and benefit home buyers and home owners. The Senate is expected to vote on the House bill at the end of the week.

The House bill, The Homeowner Flood Insurance Affordability Act, blocks premiums from raising no more than 18% per property for any one year under the National Flood Insurance Program (NFIP). Congressman Michael Grimm (R-NY) put forth the bill in response to constituents complaining premiums had increased to rates they could no longer afford. The bill was written to correct the Biggert-Waters Flood Insurance Reform Act, that impose a premium rate increase of 25% on some flood policies that received subsidies through NFIP.

The bipartisan legislation does have its critics, like Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, who stated on Feb. 10th, “Ultimately, hardworking American taxpayers should not be forced to subsidize other people’s flood insurance premiums.”

The National Flood Insurance Program is run by FEMA, the program is $24 billion in debt to the Treasury, those that buy flood insurance through the program are charged about 40% of the full cost, taxpayers subsidize the rest.

Advertisement

News

  •  Day 17
    Israel continues their ravaging bombardment on Gaza as the conflict wages on
    Video
    Video
  • MH17 victims arrive home
    40 bodies of the MH17 plane crash return to a somber homecoming in Holland
    Top News
  • Military advisers to Ukraine
    President Obama announces the deployment of military advisers to Ukraine
    Politics
  • Bubonic plague in China
    A bubonic plague outbreak in Yumen prompts China to quarantine the city
    World News
  • Air Algierie disappearance
    A flight headed from Burkina Faso to Algeria disappears from radar over Mali
    Headlines
  • Windows Phone training portal
    Microsoft launches Windows Phone training portal in attempt to woo consumers
    Tech