January 30, 2014

Manchin Announces Passage of "Homeowner Flood Insurance Affordability Act"

Washington, D.C. – Today, U.S. Senator Joe Manchin (D-W.Va.) announced the passage of the “Homeowner Flood Insurance Affordability Act” in the Senate by a vote of 67-32. This bipartisan legislation, cosponsored by Senator Manchin, will provide homeowners relief from increasing flood insurance costs unintentionally caused by the Biggert-Waters Act. This bill will delay premium insurance increases for up to four years and will allow homeowners to pass on their subsidized insurance policies to new owners when selling their home.
“Thousands of West Virginia homeowners have been hit hard by unreasonable and unmanageable increases to their flood insurance premiums and are struggling financially as a result. With this legislation, citizens of the Mountain State and homeowners across this country will gain relief from these drastic rate increases. This legislation will delay some of the new insurance rates for four years, allowing FEMA time to finish its affordability study and giving Congress time to respond with practical, commonsense solutions for the National Flood Insurance Program. I’m pleased that my colleagues in the Senate have come together in a bipartisan way to help save hardworking Americans who are in need of affordable flood insurance.”