Wednesday's (Jan. 23) House passage of H.R. 3959, which would require buyers of residential homes costing $600,000 or more to pay phased-in, actuarial flood insurance prices, is a positive step toward shoring up the National Flood Insurance Program (NFIP) without creating unanticipated premium increases, according to the Property Casualty Insurers Association of America (PCI). The bipartisan bill, introduced by Rep. Scott Garrett (R-N.J.) and House Financial Services Committee Chairman Barney Frank (D-Mass.), will help phase out subsidies for homes built before flood insurance rate maps went into effect in 1974. Ending these subsidies is reportedly a crucial step toward making the NFIP actuarially sound.Friday, January 25, 2008
PCI Supports Garrett-Frank Flood Bill
Wednesday's (Jan. 23) House passage of H.R. 3959, which would require buyers of residential homes costing $600,000 or more to pay phased-in, actuarial flood insurance prices, is a positive step toward shoring up the National Flood Insurance Program (NFIP) without creating unanticipated premium increases, according to the Property Casualty Insurers Association of America (PCI). The bipartisan bill, introduced by Rep. Scott Garrett (R-N.J.) and House Financial Services Committee Chairman Barney Frank (D-Mass.), will help phase out subsidies for homes built before flood insurance rate maps went into effect in 1974. Ending these subsidies is reportedly a crucial step toward making the NFIP actuarially sound.
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