FOR IMMEDIATE RELEASE
ICBA Urges Senate to Pass Bill Protecting Homeowners from Flood Insurance Rate Hikes
Washington, D.C. (Jan. 28, 2014)—The Independent Community Bankers of America® (ICBA) today called on the Senate to pass bipartisan legislation to protect homeowners from significant increases in flood insurance premiums, which began being phased in on Oct. 1. S. 1926, introduced by Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.), would delay rate increases for up to four years by giving the Federal Emergency Management Agency time to develop a plan to help property owners who cannot afford higher premiums.
“ICBA strongly urges senators to approve the bipartisan S. 1926 to protect homeowners and communities nationwide from higher National Flood Insurance Program premiums,” ICBA President and CEO Camden R. Fine said. “Allowing more time for FEMA to investigate the potential impact of premium hikes on millions of Americans is essential to mitigating the negative unintended consequences of the Biggert-Waters Flood Insurance Reform Act of 2012.”
Unless Congress acts, flood insurance rate increases under the Biggert-Waters Act would make flood insurance unaffordable for many policyholders who built to code and followed the law every step of the way. These increases would negatively affect home values and destabilize the still-recovering housing market in affected areas.
ICBA continues to work closely with Congress to stem these dramatic rate increases and develop a comprehensive solution. Community bankers nationwide are urging their lawmakers to act promptly to fix this devastating flood insurance issue. ICBA strongly urges senators to help address the problem by passing S. 1926.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.