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Homeowner Flood Insurance Affordability Act of 2014

Floor Speech

Date: March 4, 2014
Location: Washington, DC
Issues: Finance and Banking Environment

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Mr. GARAMENDI. Mr. Speaker, I rise in support of the bill, and I thank Congresswoman Waters and Mr. Grimm for their work.

This is desperately needed. There is a lot to be said, and a lot more work will go into this before this becomes law, but it is a major step forward.

One example: Isleton, California, in my district, in a zone that was mapped with 100-year flood protection, was downgraded by the Army Corps of Engineers and is now a high hazard area. Last year, it cost $700 a year for the flood insurance. This year, it is $7,000, which is about twice the mortgage on that $115,000 house. It is not workable.

We are seeing, across my area, insurance premiums of $10,000, $25,000. This bill would stop that, move things back, give us time to deal with what is the fundamental problem in flood insurance, and that is the catastrophic coverage, which has to be spread out across the Nation.

More to be worked on, good progress, good bill. Let's vote it out of here and get this thing solved.

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