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Flood Insurance Issues Are Harming Consumers - FAMP and NAMB Need Your

Flood Insurance - FAMP | NAMB

Flood Insurance Issues are Harming Consumers -

FAMP and NAMB Need Your Help!

 

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Florida has more than 2 million policies in the National Flood Insurance Program (NFIP) and the Biggert-Waters Reform Act, which Congress passed in 2012, requires that they all move to market rates. Those who will be most affected by the rate increases live in Pinellas, Miami-Dade, and Lee counties, as their residents account for almost 48 percent of the subsidized policies in the state.

Read more here: http://www.miamiherald.com/2013/12/15/3817070/flood-insurance-reform-urgent.html#storylink=cpy

Under the act, which took effect on October 1, premiums rose on January 1 for 13 percent of Florida's subsidized policyholders. Removing the subsidies and increasing premium rates for all of the nation's policyholders is intended to eliminate the program's debt.

Coastal Florida homeowners impacted by new flood maps, will see their NFIP subsidies cut by 25 percent each year, sending their flood insurance rates skyrocketing.

Read more here: http://www.miamiherald.com/2013/12/15/3817070/flood-insurance-reform-urgent.html#storylink=cpy

The implementation of the Biggert-Waters Act, and the rate increases that occured on January 1, are already having a serious impact on the health of Florida's economy.

Rep. Frederica Wilson, U.S. Congresswoman representing Florida's 24th District, recently wrote an open letter to U.S. House Speaker John Boehner regarding the Flood Insurance Crisis.

Rep. Wilson urged the U.S. House to pass Flood Insurance Reform prior to going into congressional recess. "While Congress' 2012 Flood Insurance Reform Act was supposed to deal with funding gaps and still ensure homeowners' access to affordable flood insurance, issues including FEMA's poor implementation and inaccurate flood zone maps have resulted in unforeseen price increases that -- without Congressional action -- will only get worse. I urge you to bring a short-term fix to this crisis to the floor for a vote before the House goes into recess at the end of the week. I also urge you to support action to address the long-term factors that are causing unacceptable increases in flood insurance rates."

"The best immediate course of action is for Congress to pass the Homeowner Flood Insurance Affordability Act of 2013, H.R. 3370, which I have cosponsored along with 155 of my Democratic and Republican House colleagues. The bill would require FEMA to delay implementation of most rate changes until it has completed an affordability study and a framework to minimize hardship for the most vulnerable homeowners. It would require FEMA to provide Congress with all the facts regarding how rate increases may be distributed and how they may affect homeowners and communities. This will empower Congress with the information needed to design a prudent and lasting fix."

While Florida's congressional delegation launched a massive effort to amend every bill they could before the end of December in an attempt to delay premium increases for flood insurance policyholders across Florida, Congress recessed on Friday, December 13th without passing a delay.

The Florida Association of Mortgage Professionals, in partnership with NAMB - The Association of Mortgage Professionals, is beginning the process of gathering data to share with federal legislators in an effort to have Flood Insurance reforms passed with Congress meets again in 2014.

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Questions, Comments or For more information you can email Christian Penner at TheMortgageTeam@ChristianPenner.com or visit us online at www.ChristianPenner.com or you can call us directly at: 561-316-6800

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Flood Insurance Issues Are Harming Consumers - FAMP and NAMB Need Your Help!


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Flood Insurance Issues Are Harming Consumers - FAMP and NAMB Need Your Help!