|Posted:||January 30, 2014 04:14 PM|
|From:||Representative David R. Millard|
|To:||All House members|
|Subject:||Flood Insurance Reform Act|
|In the near future, I plan to introduce a resolution urging Congress to re-examine the Biggert-Waters Flood Insurance Reform Act of 2012.
Over recent months, I have had numerous constituents contact me regarding significant premium rate increases on their flood insurance policies. In June 2012, the United States Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012, which increased premiums on homeowners flood insurance by up to twenty percent. The Biggert-Waters Insurance Reform Act forces homeowners to pay absurdly high premiums and makes the equity on one’s home essentially worthless.
My resolution will urge Congress to reexamine the Biggert-Waters Flood Insurance Reform Act and develop a solution that will keep flood insurance affordable for all Pennsylvanians. Homeowners all across the Commonwealth, especially those on fixed incomes, are being significantly affected by the Biggert-Waters Flood Insurance Reform Act. In my district alone, there are over 300 flood insurances policies in place, with an insurance value of over 49 million. In the Commonwealth, there are over 73,000 policies in place, with an insurance value of over 13.5 billion.
Please join me in cosponsoring this important piece of legislation.
Introduced as HR648