Washington, D.C.—Senator Joe Donnelly Thursday helped pass legislation that would protect Hoosier homeowners from dramatic flood insurance premium rate hikes. The Homeowner Flood Insurance Affordability Act would make several common-sense changes to a 2012 National Flood Insurance Program reform law designed to protect homeowners while preserving the long-term sustainability of the program. The House-passed bill passed the Senate by a vote of 72 to 22 and now heads to President Obama for his signature.
Donnelly said, “This bipartisan legislation is important to ensure that Hoosier homeowners have access to affordable flood insurance protections. The legislation would limit rate increases on homeowners, while financially stabilizing the National Flood Insurance Program so it can continue to assist those who experience flood damage.”
Many Hoosier homeowners are facing unaffordable flood insurance premiums, and the Homeowner Flood Insurance Affordability Act takes critical steps to remedy this problem. The bill includes provisions that limit maximum annual premium increases, grandfather existing properties, require FEMA to conduct an affordability study, and ensure that homeowners get credit for flood mitigation efforts.
In January, Donnelly helped the Senate pass an earlier version of the flood insurance bill.