Friday, March 14, 2014 / by Lela Ashkarian
Flood Insurance Update from, Joe Garcia, brought to you by Lela Ashkarian, Real Estate Agent in Florida Keys
I wanted to reach out with an update on our progress with the national flood insurance rate increases. Soaring premium rate increases have placed harsh and unconscionable financial burdens on policyholders – some so severe they were forced to move from their homes. In an effort to reverse these damaging increases, I have been diligently working with my colleagues on both sides of the aisle to help bring meaningful reform to the floor for a vote.
A couple of week ago, we held a tele town hall to discuss this important issue and were joined with 3900 concerned citizens from our district. Just last week, the House of Representatives passed the Homeowners Flood Insurance Affordability Act of 2013, H.R. 3370, by a strong bipartisan vote of 306 to 91.This is an exciting step forward for us because I, like you, have been fighting hard for such critical reform. Click here to watch my update on this new bill which includes that -
- Restores grandfathered rates
- Repeals the rate increase trigger for sold, bought and lapsed policies
- Homeowners will be refunded
- An affordability study is required
- Includes important considerations for mitigation
Although each of these provisions is much needed and timely, we cannot put this issue to bed. Further reform is essential. I am disappointed that many rental home and small business owners will continue to face unfair and unrealistic premium rates and I will continue to work to find solutions.
I will continue to fight for stronger protections and additional provisions such as those laid out in the HOME Act, legislation I introduced earlier this year.
Joe Garcia, U.S. House Representative (FL-26)