WATCH VIDEOS BELOW:
“Republicans representing coastal districts urged their colleagues to vote against the bill, warning that it would make flood insurance less affordable for their constituents and threaten the solvency of the NFIP. They were unpersuaded by sections of the bill that would limit premium increases and allow states to create programs that would identify homeowners who need financial assistance. Other sections of the bill would escalate premium increases and charge homeowners more to fill a reserve fund.” https://www.politico.com/story/2017/11/14/house-passes-flood-insurance-reauthorization-244908
The house bill basically “kicks the can down the road”. It allows private insurance companies to enter the flood program and “cherry pick” the program to deeper debt. The house bill does nothing to curb the commissions being charged by the insurance companies. The house bill does not protect policyholders from getting “lowballed on their flood claims”.
This house bill will drastically hamper the rebuilding efforts in Texas and Florida.
We strongly suggest you call your senators and demand they support the alternate SAFE Flood Insurance bill , which is a policy friendly flood bill. The SAFE act provides lower commissions for insurance companies, protection for homeowners to get paid quickly and fairly, additional funding to correct mapping and more. The SAFE act will provide up to $100,000 in ICC (Increased Cost of Compliance) funding to help raise and mitigate homes.
Congressman Pallone speaks out against the house flood insurance bill
https://www.youtube.com/watch?v=54w7ociHFWk&feature=youtu.be (Link for Congressman Pallone)
Congressman Lobiondo speaking out against the current house bill that passed last night.
https://www.youtube.com/watch?time_continue=7&v=OOJswwaUNUU (Link for Congressman Lobiondo)
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