Special to the Journal
WASHINGTON – U.S. Senator Johnny Isakson, R-Ga., today praised the Senate passage of the Homeowner Flood Insurance Affordability Act, which would protect millions of homeowners from being hit by huge flood insurance premium rate hikes. The legislation would also require the Federal Emergency Management Agency (FEMA) to complete an affordability study and propose real solutions to address affordability issues before any flood insurance premiums can be raised in the future.
The bill, S.1926, which was introduced by Isakson and Sen. Robert Menendez, D-N.J., was approved by the Senate today by a vote of 67 to 32.
“I am delighted that the Senate came together in a bipartisan manner to protect millions of Americans from the steep increases in their annual flood insurance premiums,” said Isakson. “Without action, many Americans and Georgians could lose their homes or see their home values plummet. I look forward to working with my friends in the House to ensure that flood insurance is both affordable and sustainable for the American people.”
Specifically, S.1926, delays the implementation of certain provisions contained in the Biggert-Waters law that was enacted in 2012.
Isakson has worked with Republicans and Democrats for several months on the flood insurance legislation. He has repeatedly voiced the concern that without action, some homeowners would not be able to afford large increases in their flood insurance premiums and in turn, could lose their homes. As a result, housing markets in flood plain and coastal areas would be hurt, causing local economies to decline.