U.S. House Passes Flood Insurance Reform Bill
While city officials have concerns about the National Flood Insurance Program (NFIP) following the implementation of the Biggert-Waters Act of 2012, frequently referred to as “BW-12,” a bill passed by the U.S. House this week may ease flood insurance cost increases caused by BW-12.
The Flood Insurance Affordability Act (H.R. 3370) is a federal bill that would modify the BW-12 implementation by, among other things: (1) limiting the Federal Emergency Management Agency’s ability to raise premiums; (2) repealing the “pop up” to current rates for a home that is covered under the NFIP and sold to a new owner; and (3) restoring the “grandfathering” of certain properties.
Similar legislation has passed the Senate, so the question now is whether the two chambers can reconcile their positions.