U.S. Congressman Blake Farenthold applauds passage of Major Flood Insurance Reform Bill
WASHINGTON, D.C. – On Wednesday, March 5, 2014, the House passed a bill, in a 306 – 91 bipartisan vote, to reform the Biggert-Waters Flood Insurance Act of 2012. Congressman Blake Farenthold served as a cosponsor of H.R. 3370, the “Homeowner Flood Insurance Affordability Act of 2014″.
“This bill is critical to keeping flood insurance rates reasonable for homeowners within hurricane prone areas throughout Coastal Texas and the surrounding region,” said Farenthold. “By reforming the flood insurance program, the House took a major step towards providing much-needed relief to Texans facing skyrocketing flood insurance rates with workable, long-term solutions to cap premium spikes and offer economic certainty to homeowners.”
More specifically, H.R. 3370 halts the elimination of grandfathered rates by repealing Section 207 of BW-12 and decoupling automatic increases in premium rates from the implementation of scientifically flawed flood maps; is retroactive for people already paying BW-12 premiums.