Congressman Kurt Schrader (D-OR) and Congressman Tom Marino (R-PA) today introduced bipartisan legislation to provide relief from costly, unreasonable flood insurance premium hikes that are set to take effect on October 1, 2014, if Congress fails to act.
"The clock is ticking for residents along the Oregon coast and folks across the country who live in areas designated as flood zones," said Schrader. "Without Congressional action, many Oregon coastal residents will face costly increases in their flood insurance premiums. Congressman Marino and I have introduced a bill that addresses this issue head on by providing more insurance options and flexibility for homeowners. Our legislation is an important first step in what we hope will lead to a comprehensive solution."
The Flood Insurance Flexibility Act, H.R.4071, creates a new option in the National Flood Insurance Program that would allow homeowners to purchase a flood insurance policy with a higher deductible in exchange for lower monthly premiums.
"While I am still advocating for a full repeal of Biggert-Waters, this legislation represents an immediate, workable solution for homeowners whose insurance premiums have skyrocketed through no fault of their own," said Marino. "I want to thank Congressman Schrader for his leadership on this bill and I look forward to working with him to ensure homeowners in Pennsylvania, Oregon and across the country get the relief they need."
Congressman Schrader met with coastal residents and state and local officials throughout much of last year to resolve this pending crisis, and the Flood Insurance Flexibility Act is the product of those discussions. Last month, Schrader helped lead the charge in the House of Representatives to get a provision into a must-pass appropriations bill that delays the U.S. Federal Emergency Management Agency (FEMA) from preparing for scheduled premium increases so that Congress can resolve the issues facing the severely underfunded National Flood Insurance Program.