Local lawmakers applauded Congressional approval this week of legislation that could ease flood insurance rate hikes in the wake of Hurricane Sandy.
The Homeowner Flood Insurance Affordability Act passed the House of Representatives 306-91 and will now move to the Senate for consideration.
Since Hurricane Sandy, Rep. Jon Runyan, R-Burlington and Ocean, said he has been vocal in demanding that Congress curb increasing flood insurance premiums. Runyan has also authored and voted for legislative language that would have delayed implementation of premium hikes, he said.
“I applaud my colleagues in the House for passing this bipartisan legislation that will help families and businesses in South Jersey by easing flood insurance premiums and by also helping to bring certainty to the real estate market,” said Runyan. “While this bill is far from perfect, it is undoubtedly a step in the right direction as South Jersey continues to rebuild from Hurricane Sandy.”
Rep. Frank Pallone, D-Monmouth and Middlesex, said he was pleased to push forth a bill that "contains key provisions that will ensure relief for homeowners living in flood prone regions."
He said the bill will repeal certain rate increase "triggers," lowering FEMA’s ability to increase rates, refunding excess premium charges to those who have paid significant rate increases and providing FEMA the funding necessary to complete an affordability study.”