Homeowners Flood Insurance Relief Act

Floor Speech

Mr. BILIRAKIS. Mr. Speaker, homeowners in my home State of Florida and across the country face significant flood insurance rate increases as a result of the reforms made to address the solvency of the National Flood Insurance Program.

To ensure that NFIP remains both affordable for homeowners and sustainable for taxpayers, I have introduced H.R. 3312, the Homeowners Flood Insurance Relief Act. The bill would cap a homeowner's premiums at the end of a 10-year phase-in to no more than the appraised value of the structure over the course of a 30-year mortgage. It would also allow homeowners to pay premiums on a more affordable monthly basis rather than an annual lump sum.

These commonsense changes will ensure that homeowners stay in the program and any increased premiums do not harm the already fragile housing market's recovery. Furthermore, they continue the intent of the NFIP, protecting homeowners from devastating floods while also ensuring the program is able to cover its costs.

I look forward to working with my colleagues to move this legislation forward.

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