A Florida congressman‘s proposal “to drive down flood insurance premiums by creating a low-interest loan program to help property owners better protect their homes and businesses from storm damage, ultimately reducing post-disaster claims” is gaining traction on Capitol Hill.
Back in October, U.S. Rep. Charlie Crist, D-Fla., unveiled the “State Flood Mitigation Revolving Fund Act” with U.S. Rep. Roger Williams, R-Texas, as a cosponsor. While they were not able to get the proposal over the finish line before Congress adjourned, the two congressmen brought the bill back earlier this year.
“Modeled after the successful Clean Water and Drinking Water State Revolving Loan Funds," Crist’s office insisted the bill “would establish a state revolving loan program to help fund flood mitigation projects for homeowners, businesses, nonprofits, and communities” which “would help states offer low-interest loans to National Flood Insurance Program (NFIP) participants for flood mitigation projects to better protect their properties, reducing post-disaster claims.”
Back in October, Crist weighed in on why he had introduced the bill.
"Bringing down flood insurance premiums while helping folks better protect their homes from storm damage is a win-win for Pinellas families and businesses," said Crist. "Mitigation is key to reducing post-disaster relief costs, saving taxpayer dollars, and building more resilient communities in the face of more extreme weather and rising sea levels. The devastating storms we've seen within the last year speak to the urgent need for federal action on flood mitigation programs, protecting public safety and our economy."
"Flooding is the most common and costliest natural disaster in the United States and it was past time to address the need for mitigation," said Williams. "This legislation will prevent federal post-disaster spending and minimize the unforeseen burdens on American families, as well as the economy."
This week, the bill got a boost as it was rolled over into a larger flood insurance reauthorization package and cleared the U.S. House Financial Services Committee, on which Crist sits, on Wednesday. The larger bill, which also reauthorizes the NFIP for five years, passed the committee on a 59-0 and now heads to the House floor where it is expected to pass.
Crist weighed in after getting his bill through the committee.
“Flood insurance is too expensive,” said Crist. “And homeowners lack options to better protect their properties from flooding. It’s high-time that Congress took an all-of-the-above approach to address these challenges, including helping folks better protect their properties from flood damage before it happens, thereby lowering risk and driving down premiums. I thank Chairwoman Waters and members of the committee for their bipartisan support of this game-changing bill, and I look forward to its consideration on the House floor.”
“The current state of the national flood insurance program is failing families, communities and taxpayers. Homeowners need more options to avoid high premiums and the daunting prospects of rebuilding in a flood zone,” said Williams. “My provision in this larger bill will allow people to proactively mitigate before disaster occurs and invest in solutions as opposed to repetitive losses. I applaud the efforts of my colleagues on the Financial Services Committee to put forth stronger safeguards that will mitigate potential damage and save billions of tax-payers dollars.”
The bill has the support of the Pew Charitable Trusts, Association of State Floodplain Managers, Association of State Wetland Managers, Enterprise Community Partners, Consumer Mortgage Coalition and Union of Concerned Scientists.
U.S. Sen. Jack Reed, D-RI, and U.S. Sen. John Kennedy, R-La., have a similar bill over in the U.S. Senate.
