Bipartisan Legislation filed yesterday in House and Senate to address Flood Insurance Affordability

Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Charlotte, N.C., yesterday issued the following statement on the introduction of the Homeowner Flood Insurance Affordability Act in the House and the Senate:

“NAHB commends Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.) and Reps. Michael Grimm (R-N.Y.) and Maxine Waters (D-Calif.) for championing identical bipartisan legislation in the Senate and House that will provide relief from soaring flood insurance premium rates for countless home owners across the nation.

“The Homeowner Flood Insurance Affordability Act offers a common-sense solution to fix some of the costly and unintended consequences resulting from the implementation of the Biggert-Waters Flood Insurance Reform Act. The legislation would prevent premium rate hikes from taking effect for four years, which will give FEMA time to conduct an affordability study and to reimburse those who can prove that its existing flood plain maps are inaccurate. The measure also requires FEMA to adopt sound engineering practices to accurately determine flood risk.

“These provisions in the insurance reform bill will prevent undue hardship on the recovering housing market, help current and future policyholders keep their premiums affordable, prevent home values from dropping, and make the National Flood Insurance Program more effective for years to come.”

Louisville Home Builders and Realtors – If you have specific examples and evidence of flood insurance rates rising considerably, or of a home purchase falling through because of the costs added by the additional flood insurance rates, please call Tara Brinkmoeller at (502) 429-6000 to share your accounts. Please respond by November 8, 2013.