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Lawmakers: Congress Curbing Flood Insurance Rate Hikes After Hurricane Sandy

Local lawmakers applauded Congressional approval this week of legislation that could ease flood insurance rate hikes in the wake of Hurricane Sandy.

Local lawmakers applauded Congressional approval this week of legislation that could ease flood insurance rate hikes in the wake of Hurricane Sandy.

The Homeowner Flood Insurance Affordability Act passed the House of Representatives 306-91 and will now move to the Senate for consideration.

Since Hurricane Sandy, Rep. Jon Runyan, R-Burlington and Ocean, said he has been vocal in demanding that Congress curb increasing flood insurance premiums. Runyan has also authored and voted for legislative language that would have delayed implementation of premium hikes, he said. 

“I applaud my colleagues in the House for passing this bipartisan legislation that will help families and businesses in South Jersey by easing flood insurance premiums and by also helping to bring certainty to the real estate market,” said Runyan.  “While this bill is far from perfect, it is undoubtedly a step in the right direction as South Jersey continues to rebuild from Hurricane Sandy.”

Rep. Frank Pallone, D-Monmouth and Middlesex, said he was pleased to push forth a bill that "contains key provisions that will ensure relief for homeowners living in flood prone regions."

He said the bill will repeal certain rate increase "triggers," lowering FEMA’s ability to increase rates, refunding excess premium charges to those who have paid significant rate increases and providing FEMA the funding necessary to complete an affordability study.”

Nancy Hall March 06, 2014 at 01:32 PM
OK - so we do not raise the flood insurance and there is another flood. That means my taxes pay for the damage instead of the homeowner. If we privatize flood insurance, I assure you no one would be calling it socialism if there was a rate hike. So lets just let the flood plain homes get private insurance.
WMS826 March 06, 2014 at 03:48 PM
So the insurance to replace a base model Hyundai is the same amount as a high end BMW....so the rate to insure a forty three year old woman with no bad driving history is the same to insure a 17 year old male with six tickets. There is risk involved which sets the rates. You as per the democrats are in a high risk area since THEY have told us the oceans are rising and now Harrisburg will soon be waterfront property one day. Blame them. Blame Al Gore,...if the oceans are rising then what do you expect, or are you a victim of wacko environmental people backed by the democrats putting out all these climate change studies.
Gordo K March 06, 2014 at 04:30 PM
Politicians crowing and patting themselves on the back at taxpayers' expense. How about putting forward a plan to gradually get government OUT of the insurance business.
Mike Mazzucca March 07, 2014 at 07:55 AM
Gordo.....AMEN!
Rose Garden March 30, 2014 at 10:30 AM
If you are concerned about the huge flood insurance premium increases, join us online at Stopfemanow.com. We are a very active national group of homeowners fighting for affordable flood insurance, to repeal and delay Biggert Waters Flood Insurance Reform Act of 2012. We have chapters in every state but need you to help us. Get facts, not rumors, come join Stopfemanow.com and like us on Facebook.

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