As expected, today Congress finally passed the “Biggert-Waters Flood Insurance Reform and Modernization Act of 2012” that would extend the National Flood Insurance Program (NFIP) for five years and make needed reforms. This landmark legislation is the result of more than four years of work by the House, Senate and outside stakeholder groups. This achievement is particularly gratifying for the Big “I” as it has been one of our national association's top priorities.
Today’s Congressional passage was a result of the decision by House and Senate leadership to include a “pre-conferenced” flood insurance bill within a larger Conference Report package containing the Surface Transportation Act and the Federal Direct Stafford Student Loan program extension. The decision to include flood insurance along with this larger package was only made because of the tremendous bipartisan support we have built for the flood insurance reform effort. The Conference Report package containing the transportation, student loan and flood insurance bills passed nearly simultaneously moments ago in both the House and Senate. The House passed the measure by a vote of 373-52 and the Senate cleared the measure by a vote of 74-19. President Obama is expected to sign the legislation into law within the next day.
The Big “I” STRONGLY supports the Biggert-Waters Flood Insurance Reform and Modernization Act as it contains the aforementioned five-year extension of the NFIP (until Sept. 30, 2017) as well as numerous reforms that the Big “I” and other stakeholders have been supporting for many years in order to help strengthen the program and make it more financially sound. The long-term extension, in particular, should be a welcome development for Big “I” members and our customers, especially in the wake of being forced to deal with 17 short-term extensions and 4 expirations of the program since September of 2008.
Download a summary of the “Key Highlights” of the legislation as prepared by the House Rules Committee. More documents will be forthcoming with additional information on the specific provisions of this legislation. Additionally, IIABA will prepare a formal Legislative Memo containing an exhaustive summary of the legislation in the near future.
Keeping your home safe is our job at Florida Peninsula Insurance Company. We are one of Florida’s top-10 largest companies offering multi-peril homeowners insurance. The company insures more than 120,000 homes, condo and apartment units located throughout the state. For more information or to get a comparison quote, please call (866) 846-3060 or visit the “Get A Quote Now” section on our website.
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