Rep. Davis Supports Reforms to Flood Insurance Program

Statement

U.S. Rep. Rodney Davis (R-Ill.) today released the following statement after the U.S. House of Representatives overwhelmingly approved H.R. 3307, The Homeowners Flood Insurance Affordability Act, by a vote of 306-91.

"The purpose of the Biggert Waters Flood Insurance Reform and Modernization Act of 2012 was to shift the financial risks for flood insurance from the taxpayers to the private market," said Davis. "However, over the past year, many property owners have been hit with skyrocketing premium increases and plummeting property values.

"Homeowners have asked Congress to act to address these issues and I believe the bill we approved today is a great step in the right direction. This is a commonsense solution that will provide protection from the flood insurance sticker shock that's lowering home values and freezing housing markets across the country by repealing certain premium rate increases and restoring grandfathered rates, putting both on a more sustainable path.

"Even more importantly locally, we were able to approve this fix as FEMA begins the process of updating the flood hazard maps in the state of Illinois. Any homeowner who has, or will be drawn into an updated flood map will be able to phase into their premiums, protecting them from a sudden, steep increase in costs."

Source