Olson Applauds House Action to Reform the National Flood Insurance Program
WASHINGTON, DC – Rep. Pete Olson (TX-22) today acted to help residents along the Gulf Coast by voting to extend and reform the National Flood Insurance Program. Olson voted for H.R. 2874, the 21st Century Flood Reform Act, which reauthorizes the National Flood Insurance Program (NFIP) for five years, introduces private market competition and provides reforms aimed to help policyholders and taxpayers. It passed the House with a vote of 237-189 and now heads to the Senate for consideration.
“Earlier this year, Hurricane Harvey devastated Houston area residents with massive flooding and put a major strain on an already struggling program.” Rep. Pete Olson said. “This bill contains common-sense reforms that make sure Americans living in high flood areas can still purchase affordable flood insurance. I’m proud that my colleagues and I were able to find a solution that puts NFIP on a sustainable financial path and will provide needed relief during future flooding events. I urge the Senate to act quickly as well.”
21st Century Flood Reform Act
H.R. 2874, the 21st Century Flood Reform Act reauthorizes the National Flood Insurance Program while making improvements that increase options for property owners and the resiliency of flood insurance plans.
-Reauthorizes the National Flood Insurance Program for 5 years.
-Gives properties owners more flexibility by ensuring that there is also a robust private market for flood insurance
-Requires mitigation funding be prioritized for properties that have experienced repeated flood losses
-Improves mapping technology so that policies are based on more accurate information
-Requires more transparency, details, and risk exposure information to be conveyed between FEMA and the flood insurance policy holder
-Increases the threshold by which a property with excessive lifetime claims is removed from the NFIP, from twice the value of the structure to three times the value of the structure
-Further protects multi-loss grandfathered properties by eliminating the counting of claims associated with flood events prior to enactment of the bill
Media Contact: Melissa Kelly