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The House and Senate Vote to Roll Back National Flood Insurance Program Premium Increases

Congress has officially placed the bipartisan Homeowner Flood Insurance Affordability Act in hands of President Obama.  If enacted, it will undo significant provisions of a 2012 law that caused sharp flood insurance rate increases. On March 4, the U.S. House of Representatives voted 306-91 to pass the Homeowner Flood Insurance Affordability Act of 2014, H.R. 3370.  This repeals portions of the Biggert-Waters Flood Insurance Reform Act.  Just yesterday, March 16, the U.S. Senate voted 72-22 to approve the bill and send it to the President for his consideration. For those who don’t remember the Biggert-Waters Act, it was passed back in 2012 with overwhelming support in both houses of Congress.  It called for changes to the National Flood Insurance Program. 

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About The Property Insurance Law Observer
For more than four decades, Cozen O’Connor has represented all types of property insurers in jurisdictions throughout the United States, and it is dedicated to keeping its clients abreast of developments that impact the insurance industry. The Property Insurance Law Observer will survey court decisions, enacted or proposed legislation, and regulatory activities from all 50 states. We will also include commentary on current issues and developing trends of interest to first-party insurers.
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