The House of Representatives aims to reinforce the current National Flood Insurance Program by passing H.R. 3959, new legislation that would slowly phase-out some of the NFIP subsidies. The resolution is sponsored by Financial Services Committee Chairman, Barney Frank (D-Mass.), and Rep. Scott Garrett (R-N.J.).
According to The Independent Insurance Agents and Brokers of America, the bill applies to those who purchased a home at $600,000 or above before the inception of the Flood Insurance Reform and Modernization Act, and to pay flood insurance prices using the same phase-in structure that non-residential and non-primary homes are currently subject to under the FIRM Act.
This action is a step toward supporting the National Flood Insurance Program without creating unanticipated premium increases, according to the Property and Casualty Insurers Association of America.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
