On Tuesday, March 4, the U.S. House of Representatives passed HR 3370, the Homeowner Flood Insurance Affordability Act, to provide relief to homeowners and businesses in flood-prone areas who have seen a sharp hike in their insurance premiums as the result of a 2012 law. Georgia Representatives John Barrow, Sanford Bishop, Hank Johnson, Jack Kingston, John Lewis, David Scott, and Rob Woodall voted in support of the bill which now awaits action in the Senate.
“We appreciate the House action this week to address some of the unintended consequences of the Biggert-Waters Flood Insurance Reform Act of 2012,” said Georgia Chamber of Commerce President Chris Clark.
“Implementing the 2012 law without changes would have an incredibly detrimental impact on Georgia’s coastal communities just as our state’s economy is truly beginning to recover.”
HR 3370 would still allow the Federal Emergency Management Agency, which runs the National Flood Insurance Program, to increase flood insurance premiums, however the rate of increase would be capped to a maximum of 18% annually per property bought after 2012, helping those who have seen the largest and most immediate hikes. By avoiding the worst of the flood insurance hikes, HR 3370 will permit many of Georgia’s coastal residents to keep their homes and businesses.