Congress Passes Bill Delaying Flood Insurance Reforms

H.R. 3370 is the bill both the House of Representatives and the Senate have passed to delay the impact of the Biggert-Waters Flood Insurance Reform Act of 2012.

Both houses of Congress passed H.R. 3370, the Homeowner Flood Insurance Affordability Act, by wide margins in the past week, and now the bill is headed to President Obama’s desk. The National Association of Home Builders issued a March 13 release thanking the 72 senators who voted for the bill and said it expects the president will sign it into law.

The bill would delay the implementation of the Biggert-Waters Flood Insurance Reform Act of 2012 that were designed to place the National Flood Insurance Program on a firm financial footing, with grandfathered and subsidized insurance rates raised, repetitive payments no longer going to housing that floods again and again, and taxpayers no longer on the hook for a $24 billion debt.

Coastal residents facing much higher premiums caused bills to be filed in both houses of Congress to delay it. Although FEMA and an organization named SmarterSafer.org, consisting of environmental groups, taxpayer advocates, insurers, and housing and mitigation organizations, said the Biggert-Waters reforms are necessary and defend that law, the delaying bill passed 306-91 in the House this month and 72-22 on March 13 in the Senate.

U.S. Sen. Robert Menendez, D-N.J., chief sponsor of the Senate version, said the measure will protect thousands of middle-class families in his state by freezing flood insurance premium increases on most properties for several years while FEMA completes an affordability study.

"By providing a more affordable rate structure for policyholders and repealing point-of-sale rate increases, the bill is a boon for home owners and home buyers," said NAHB Chairman Kevin Kelly, a homebuilder and developer from Wilmington, Del. "Further, it gives an important boost to home building and remodeling, while simultaneously shoring up the NFIP."

Download Center

HTML - No Current Item Deck
  • Safety Management Software - Free Demo

    IndustrySafe Safety Software’s comprehensive suite of modules help organizations to record and manage incidents, inspections, hazards, behavior based safety observations, and much more. Improve safety with an easy to use tool for tracking, notifying and reporting on key safety data.

  • Create Flexible Safety Dashboards

    IndustrySafe’s Dashboard Module allows organizations allows you to easily create and view safety KPIs to help you make informed business decisions. Our best of breed default indicators can also save you valuable time and effort in monitoring safety metrics.

  • Schedule and Record Observations

    IndustrySafe's Observations module allows managers, supervisors, and employees to conduct observations on employees involved in safety critical behavior. IndustrySafe’s pre-built BBS checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Why Is Near Miss Reporting Important?

    A near miss is an accident that's waiting to happen. Learn how to investigate these close calls and prevent more serious incidents from occurring in the future.

  • Get the Ultimate Guide to Safety Training

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. We’ve put together a guide on key safety training topics, requirements for certifications, and answers to common FAQs.

  • Industry Safe
comments powered by Disqus

OH&S Digital Edition

  • OHS Magazine Digital Edition - June 2019

    June 2019

    Featuring:

    • ASSP SAFETY 2019 PREVIEW
      New Orleans Networking
    • NATION SAFETY MONTH
      Heed These Summer Safety Tips
    • TRAINING
      Education, Skill Development, and Behavior Change
    • SAFETY MANAGEMENT
      What Good Looks Like
    View This Issue

Bulwark Quiz