|Posted:||March 14, 2023 09:29 AM|
|From:||Representative Perry S. Warren|
|To:||All House members|
|Subject:||Flood Insurance Premium Assistance Task Force|
|In recent years, the Federal Emergency Management Agency has revised its flood maps to require many more properties in Pennsylvania to hold flood insurance. While flood insurance is meant to mitigate the financial harm and help lessen the emotional devastation caused by floods, more and more Pennsylvanians require assistance with paying for their flood insurance due to rising premiums. This increases the overall annual cost of owning a house in a floodplain, thereby making properties in these areas less attractive to potential buyers. Many communities along Pennsylvania's rivers and creeks are at risk of reduced property sales and values due to rising flood insurance premiums.
To better address this issue, I will be reintroducing my bill to establish the Flood Insurance Premium Assistance Task Force. The task force would issue recommendations regarding potential programs that provide premium discounts, programs that incentivize local governments to support flood mitigation efforts and the implementation of any necessary changes to state statute or policy regarding the administration of flood insurance. This bill was introduced as House Bill 70 last session where it was unanimously reported as committed from the House Insurance Committee, and as House Bill 328 in the 2019-2020 Legislative Session where it unanimously passed the House.
It’s time to bring this legislation over the finish line. Please join me in co-sponsoring this important legislation to assist Pennsylvanians affected by rising flood insurance premiums.
Introduced as HB735