Murkowski: Flood Insurance Bill Gets Rid of 'Sticker Shock'
Senator: Today’s Bill a Victory for Alaskan Homeowners
WASHINGTON, D.C. – After years of Senator Lisa Murkowski pushing back against the federal government’s fuzzy math and “bizarre” property risk decisions – with some Alaskan homes abruptly re-classified as ‘high’ risk based on flawed or outdated data and maps – she was happy to vote for the H.R. 3370, The Homeowner Flood Insurance Affordability Act today, that rolls back risk-based flood insurance premiums for many Alaska homeowners.
H.R. 3370 allows many homeowners with flood insurance policies prior to July 6, 2012 to keep these policies for as long as they own their home, as well as if they choose to sell their house and transfer the policy to the purchaser. The bill also requires the Federal Emergency Management Agency (FEMA) reassess its flood insurance mapping formulas to ensure that they are technically sound.
“Today’s bill is a major accomplishment for Alaskans who have felt the stress of sticker shock when it comes to flood insurance rate increases based on flawed flood zone maps,” said Murkowski. “From the Interior to Homer to Juneau and the Mat-Su and all Alaskan locations where FEMA has threatened dramatic rate hikes, I want these communities to know that flood insurance premiums will remain stable in the near term and FEMA has a mandate to improve the quality of its flood mapping. This gives financial certainty for families around the dinner table and doesn’t hurt their chances when they decide to sell.”
Murkowski prods DHS Secretary Napolitano over flawed flood maps, March 2012
Murkowski questions FEMA administrator on inaccurate flood maps, October 2012
Having passed both chambers of Congress, the bill now heads to the President for his signature. Senator Murkowski was a co-sponsor of the Senate version of the Homeowner Flood Insurance Affordability Act that passed the Senate in January.