Statement on the Homeowner Flood Insurance Affordability Act
Washington, D.C. – Rep. Jan Schakowsky released the following statement on the Homeowner Flood Insurance Affordability Act, which passed the House yesterday.
“My District has been hit by a series of so-called ‘100-year floods’, which have damaged the homes of many residents. Similar storms have impacted families all across our country. To address this issue, I was proud to vote for the Homeowner Flood Insurance Affordability Act, which passed the House yesterday.
This legislation provides refunds to homeowners who have faced excessive premium changes; protects against catastrophic rate increases due to remapping of flood zones; reduces annual flood insurance rate increases; and clarifies coverage information for policyholders. It also protects small businesses, non-profits, and houses of worship against unmanageable rate increases.”
“This bipartisan bill –which I cosponsored – is a clear example of how Congress can work together to address major issues facing our constituents. The Homeowner Flood Insurance Affordability Act will truly help homeowners to maintain economic security, even in extremely rainy weather.”