Still hope for flood insurance action in U.S. House

February 15, 2014 

Legislation to protect homeowners from unreasonable premium increases for flood insurance gained traction in the U.S. House this week. A strong bipartisan allegiance gained a majority with 231 sponsors of a bill to restructure the onerous 2012 Biggert-Waters Act, enough votes to ensure passage.

House Majority Leader Eric Cantor of Virginia gave credit for progress on the legislation to several Florida congressmen, including Rep. Vern Buchanan, R-Sarasota.

But Cantor also stated opposition to a similar Senate-approved bill, indicating his intention to make unspecified changes. He does allow that a vote will be held later this month on a House bill.

At the least, a House measure should delay the financial crunch on homeowners and force the Federal Emergency Management Agency to justify new flood-zone maps and re-evaluate what has been described as actuarily sound premiums.

Some of the new rates in the National Flood Insurance Program went into effect last October. Florida's real estate industry witnessed a drop in business as homebuyers avoided properties with soaring premiums.

Some 11,264 Manatee County property owners hold NFIP policies. Buchanan is scheduled to attend a political fund-raiser with House Speaker John Boehner today in Sarasota, and we urge him to lobby for a floor vote on relief for homeowners across the nation. The majority should rule, as the Founding Fathers intended.

Bradenton Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service