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FOXX VOTES TO BOOST ACCOUNTABILITY IN FLOOD INSURANCE PROGRAM

Washington, DC, June 27, 2006
United States Rep. Virginia Foxx (N.C.-5.) voted today to require FEMA to enact important reforms to increase accountability and restore the financial solvency in the National Flood Insurance Program.

FOR IMMEDIATE RELEASE
CONTACT: Amy Auth
202-225-2071

United States Rep. Virginia Foxx (N.C.-5.) voted today to require FEMA to enact important reforms to increase accountability and restore the financial solvency in the National Flood Insurance Program.

“It is time we hold the National Flood Insurance Program accountable to the taxpayers who foot its bill,” said Rep. Foxx. “Today’s legislation will protect taxpayers for subsidizing properties in high-risk areas and will prevent negligent homeowners from repeatedly filing claims on properties they failed to protect.”

Among other things, the Flood Insurance Reform and Modernization Act of 2006 will:

  • Phase-in actuarial rates on vacation and second homes and non-residential properties that have been subsidized by the National Flood Insurance Program since its creation
  • Increase the premiums to reflect actual coverage rates
  • Raise the maximum amount that premiums may increase annually from 10 to 15 percent
  • Take measures to decrease repetitive losses
  • Increase civil penalties for violations of the National Flood Insurance Program
  • Require FEMA to review, update and maintain flood maps

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