Maloney Applauds Senate Passage of Legislation to Reverse Last Congress’ Catastrophic Flood Insurance Hikes
Washington, D.C. – Rep. Sean Patrick Maloney (NY-18) applauded the Senate passage of the bipartisan flood insurance reform bill, which reverses the dramatic flood insurance rate hikes for homeowners. Passed by a vote of 72-22, the Homeowner Flood Insurance Affordability Act ends the automatic rate increases caused by events such as property sales and restores grandfathered rates for those who played by the rules and built their properties according to code. This bill also provides a refund for those families who have already been hit by unaffordable premium increases. This bill previously passed the House last week by a bipartisan vote of 306-91 and now awaits the President’s signature.
“After last Congress recklessly caused these catastrophic rate hikes, relief is on the way for my hardworking neighbors in the Hudson Valley,” said Rep. Sean Patrick Maloney. “Working together, we’re delivering meaningful results that will rollback unfair premium increases to Hudson Valley homeowners and businesses still struggling from recent storms including Irene, Lee and Sandy.”
In addition, this bill creates an appeals process for FEMA flood plain maps, reduces FEMA’s ability to increase rates, limits rate increases on newly mapped properties into flood hazard zones, reimburses policyholders who successfully appeal FEMA maps, and establishes a flood insurance advocate. Rep. Maloney worked to remove 125 households near Fishkill Creek from the inclusion in the flood plain, and he recently held an information session in Fishkill to connect homeowners directly with FEMA.
Rep. Maloney co-sponsored H.R. 3370, the Homeowner Flood Insurance Affordability Act.