Today, Representative Mark Sanford released the following statement regarding his vote in favor of H.R. 3370, the Homeowner Flood Insurance Affordability Act with an amendment:
"I decided to cosponsor and vote for H.R. 3370 because it fixes many of the unintended consequences of the Biggert-Waters Act," said Sanford. "This bill begins the process of providing markets and people a reasonable amount of time to respond and plan for these coming changes to policies and I believe that is what a majority of people back home need."
"First, it fully offsets the costs of fixing Biggert-Waters, ensuring that taxpayers far from flood zones are not on the hook for this slower approach to reforming the National Flood Insurance Program. Second, it ends the rate hike trigger that comes with selling a property, meaning individuals won't find themselves with a 10 or 15 fold increase in their insurance rates. Third, it caps the year-to-year premium increases for most policyholders at 18% and bases these increases on existing flood maps, giving them a better understanding of what the increase is based on and more time to plan and adjust to their changing premiums. Lastly, it refunds those policyholders who were stuck with paying these increases right off the bat."
"As governor, my administration worked to reform government so that it was less burdensome on the taxpayer, whether at the Department of Transportation, the Department of Motor Vehicles, the Department of Corrections or others, so I certainly hear and understand the voices of those calling for changes to the National Flood Insurance Program. But you can't solve the problem overnight, especially one that involves considerable financial exposure for the individual who, through no fault of their own, has relied on promises government has made in the past. I think H.R. 3370 corrects the unintended problems that have resulted from Biggert-Waters and is a step in the right direction for both policyholders and the taxpayer."