In Case You
Missed It...

This week, the House will vote on the most substantial flood insurance reforms since Biggert-Waters 2012. Our bill, H.R. 3370, The Homeowner Flood Insurance Affordability Act, has been endorsed by the American Bankers Association and the Gulf Coast Business Council. We worked extremely hard to find the right balance with this legislation, and to deliver real relief and lasting reforms.

This bill means more compassionate rates and more certainty for homeowners and communities facing unreasonable flood insurance increases. And perhaps most importantly, it includes input from everyday Mississippians, community leaders and industry experts. Here are just a few highlights: 

Compassionate rate management

• Repeals Section 207, reinstates grandfathered rates, makes Palazzo’s delay permanent
• Gives policyholders more control to lower premiums through higher deductibles and mitigation
• Caps yearly increases and uses new formulas that could save homeowners hundreds or thousands of dollars per year
• Allows premiums to be paid in monthly installments, rather than in a yearly lump sum

Certainty

• More than delays- permanent reforms give individuals and communities the certainty they need to plan
• Repeals home sales trigger, retroactively refunds home sale increases, and ties premiums to properties, not people

Holds FEMA Accountable

• Keeps FEMA from moving the goal posts on those who built back after Katrina
• Requires FEMA to certify science behind mapping procedures
• Expedites affordability study
• Reimburses policyholders for successful map appeals
• Creates advocate to assist policy holders

One of my biggest concerns has been that FEMA would use current policies to punish Mississippians who went to great effort and expense and followed all the rules to build back after Hurricane Katrina. Our new provision makes sure that does not happen.

I believe this bill is exactly what we need to ensure insurance remains affordable and available for those who need it, and I will do everything in my power to ensure its passage.

As always, I welcome your feedback, and I encourage you to connect using my website, twitter, and facebook.

In Your Service,

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