Earlier this month, the U.S. House of Representatives passed the Flood Insurance Reform Priorities Act (HR 5114), which re-authorizes the National Flood Insurance program for five years and phases out non-essential premium subsidies. The bill also raises the maximum coverage limits for the first time since 1994. According to a press release from the office of Congresswoman Lois Capps (D-Santa Barbara), the legislation includes two provisions that will help homeowners on the Central and South coasts. The first gives all newly flood mapped areas a five-year grace period before mandatory insurance requirements go into effect to allow time to get flood protections up to standards. The second requires the phasing in of mandatory insurance rates. “Our goal with this legislation is to allow time to make upgrades to the levees and bring them into compliance, thereby eliminating the need for a mandatory requirement for homeowners to purchase flood insurance,” Capps said in the release. “The bill also assists homeowners that will be impacted by the remapping process, especially low-income families. We must make sure any changes to flood maps in our watersheds are accurate, follow consistent federal policies, and allow local officials time to develop long-term solutions to a very serious public safety issue.” For more information, visit fema.gov.
This article appears in Jul 22-29, 2010.