ASFPM Suggests 9 Principles Related to Flood Insurance Affordability
Tuesday, October 22, 2013
The Biggert–Waters Flood Insurance Reform Act was passed last year with overwhelming bipartisan support from Congress and signed by President Barack Obama in July 2012. The bill included difficult but needed provisions to reduce longstanding premium subsidies and discounts -- starting with those for vacation homes, business properties and repeatedly flooded properties -- and move the National Flood Insurance Program onto more sound financial footing. At the time the NFIP was more than $17 billion in debt; today that number has increased to more than $24 billion. However, the legislation largely did not address a key issue – flood insurance affordability – and this has many elected leaders and property owners worried.