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Email Your Senators to Oppose the Homeowner Flood Insurance Affordability Act

On Monday night, the Senate voted to open debate on the innocuously named Homeowner Flood Insurance Affordability Act (S. 1926), which would delay reforms enacted to place the National Flood Insurance Program (NFIP) on sounder footing.

The Biggert-Waters Flood Insurance Reform Act of 2012, signed into law last year, was designed to provide relief to taxpayers, already burdened with $17 trillion in debt, by enacting common-sense reforms to the flawed NFIP and transitioning flood insurance to the private sector.

Tell your Senators that the Homeowner Flood Insurance Affordability Act sets a terrible precedent of promising reform and then never allowing real reform to go into effect. Taxpayers should not be forced to continue subsidizing high-risk development of flood-prone areas.

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Promising reform and then never allowing real reform to go into effect is not acceptable #NFIP #HAction

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One thought on “Email Your Senators to Oppose the Homeowner Flood Insurance Affordability Act

  1. Your premise that all homeowners with a NFIP policy are homeowners seeking a taxpayer subsidy to permit them to retain ultra low cost insurance for their homes that they intentional purchase in high risk, flood prone area is Fundamental Flawed and Flat Wrong. I have owned a home in the coastal region of Mississippi. Prior to Katrina, this property had NO record of flood for well over 100+ years, to include Camille. Therefore, this property by historical record is neither high risk or flood prone. When I purchased this property 15 years ago, flood insurance was NOT mandatory since the property was NOT cited in any FEMA Flood Zone. So at the time of my purchase, I technically and legally did not meet your presumed criteria of high risk, flood prone property!
    It wasn’t until 4 years after (that’s 4 years) Katrina that FEMA finally issued revised flood zone maps. During that 4 years period, FEMA repeated assured homeowners that current homeowners would not be impacted by any changes in FEMA programs or policy – in otherwords, Grandfather status.
    As the new maps surfaced, turns out my property which was NOT previously in any flood zone NOW has a mere 15% of the area in a NEW Special Hazard Flood Zone. At that point, my mortgage lender then informed me that effective immediately flood insurance was NOW mandatory. I sure hope Heritage Action appreciate what just happened – I went from NO NFIP required to a Mandatory NFIP policy required. NO choice by the homeowner. And since I still have 15 years remaining on the mortgage, I had NO choice but to take out an NFIP policy. Does this sound like I’m a homeowner seeking a free or low cost ride at taxpayer expense? You see if I did not take out the NFIP policy, while the lender would not be able to take out a NFIP for the property, the lender would still obtain liabliity insurance at a super sky-high rate and then pass the cost to me. So now I am forced to take out a NFIP policy, and then yet again the game rules change and WHAM, BW Act of 2012 comes along to remove ‘grandfather’ protection and the hammer me with $3000 annual premiums to start this year.
    It clearly appears to me that Heritage Action is clearly heartless, as well as clueless, as to the harsh and patently unfair treatment BW Act of 2012 will impose on some NFIP homeowners. The motivation of this Act gets no arguement from me, but the notion that a 4 years window is sufficient to resolve 40 years of under funding is flat wrong. I agree that the current rates are too low, but jumping my premium rates by 1000% or more over 4 years is utter stupidity.
    And, I find it very fun that organizations like your’s has nothing to offer to help remove homeowners like me from areas that are NOW (not then) high risk. The problem is that Buy-Out programs apply only to repeative flooded properties. You forgot that mine has only flooded once in over 100 years, so it does not qualify as a repeative risk property, so no Buy-Out. And, because of the harsh provisons of BW Act of 2012 the potential to relocate is absolutely zero in a No-Sale real estate market. I would be most eager to hear of a solution from Heritage Action on this aspect. As obviously, a relocation for me would remove me from being a future NFIP claim liability.
    The fact is, NOT every NFIP homeowner intentionally purchased their home in what was known at the time to be a high risk, flood prone property in a clearly identified flood zone. I guess the response the Heritage Action group has for me is simply ‘Tough’. While I can tell you as a life long Republican, who considers himself to be a fiscal moderate, draconian fiscal actions espoused by Tea Party advocates are giving folks like me serious cause to reconsider where to cast our vote. I have already terminate my regular monetary contribution to the Republican Party. Seems I’m going to need those funds to pay for the punitive NFIP rates looming large on my financial future.
    The Heritage Action for America needs to reevalute their position on S.1926. BW Act of 2012 needs to be fully scrapped and an new bill sponsored that moves the nation on a steady, yet stable approach to financial sustainability for the NFIP, but without causing serious financial harm, injury and potential bankruptcy to pre-BW Act of 2012 homeonwers forced into the NFIP by FEMA mapping revisions.

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