The House of Representatives aims to reinforce the current National Flood Insurance Program by passing H.R. 3959, new legislation that would slowly phase-out some of the NFIP subsidies. The resolution is sponsored by Financial Services Committee Chairman, Barney Frank (D-Mass.), and Rep. Scott Garrett (R-N.J.).
According to The Independent Insurance Agents and Brokers of America, the bill applies to those who purchased a home at $600,000 or above before the inception of the Flood Insurance Reform and Modernization Act, and to pay flood insurance prices using the same phase-in structure that non-residential and non-primary homes are currently subject to under the FIRM Act.
This action is a step toward supporting the National Flood Insurance Program without creating unanticipated premium increases, according to the Property and Casualty Insurers Association of America.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
