Although the National Association of Realtors (NAR) and the House Financial Services Committee has come closer to agreeing on legislation to renew the National Flood Insurance Program (NFIP), Rep. Maxine Waters (D-Calif.) still had concerns about committee Republicans’ revised flood insurance legislation.
“Though Chairman Hensarling and Committee Republicans have been scrambling to make changes to their flood insurance bill, the affordability challenges facing millions of policyholders remain,” Waters said, adding that implementation of the Biggert-Waters Act inadvertently led to skyrocketing premiums for homeowners and businesses across the country.
“As I review the Republican approach, I am concerned that they stand to repeat the very same unintended consequences that I and my colleagues- in an overwhelmingly bipartisan vote – corrected in 2014 with the enactment of the Homeowner Flood Insurance Affordability Act,” she said.
Waters added that she continued to oppose committee Republicans’ approach because of affordability concerns.
“Even with what I understand will be a slightly revised Republican bill, flood insurance premiums and fees would still increase for all policyholders, coverage would still be less available, and cherry-picking by the private sector would be encouraged, putting the government on the hook for the riskiest of policies,” Waters said. “And it is important to note that the biggest challenge to the National Flood Insurance Program is its massive debt, which the bill only addresses by charging hardworking Americans more for their flood insurance. That’s just not fair.”
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