Flood Insurance Reform Passes House 419-0
Washington, D.C. – Today, the U.S. House of Representatives passed H.R. 2901, the Flood Insurance Market Parity and Modernization Act, sponsored by Representative Dennis Ross (FL-15). Rep. Marino (PA-10) is one of 44 co-sponsors and voted in favor of the legislation, which passed with unanimous support.
This bill would widen the previously narrow definition of private insurance companies allowed to compete in the flood insurance market place. While the intent of Biggert-Waters Flood Insurance Act of 2012 was to include private flood insurance as an option for homeowners, it implemented a very limited definition for acceptable private flood insurance. Premiums skyrocketed in the 10th District and all across the United States causing homeowners to back out of buying property near rivers or other bodies of water. Introducing competition among flood insurance providers will result in better policies and lower prices for consumers. Senator Dean Heller (NV-02) has introduced a companion bill in the Senate.
Rep. Marino released the following statement regarding the bill’s passage:
“Through no fault of their own, millions of Americans have had to deal with dramatically rising flood insurance premiums and many low and middle class families are facing foreclosure. This is especially troublesome in Pennsylvania’s 10th District where much of our land is near water. This bill will foster competition in the market place increasing the quality of policies and driving prices down. While this is an important first step towards reform, it is imperative we continue to institute common sense principles that will benefit consumers. I am hopeful we will see even more progress by the time the National Flood Insurance Program comes up for reauthorization next year.”