March 5, 2014
Insurance News Net
Rep. Joe Courtney, D-Conn. (2nd CD), has issued the following news release: Today, after the House approved H.R. 3370, the Homeowner Flood Insurance Affordability Act of 2014, Congressman Joe Courtney (CT-2)–a cosponsor of the bill–released the following statement: “Over the last six months, I have spoken to eastern Connecticut realtors and homebuilders about the critical need for this law. The skyrocketing rate increases that have occurred in the last year will effectively lock up our state’s real estate market in flood zones, hampering our economic recovery. “This bill is an example of the positive solutions that are possible when bipartisan, good-faith negotiations succeed, and it would provide relief for homeowners in Connecticut and across the country. Preventing dramatic rate increases will help bolster our real estate market and ensure that sales can continue without the threat of prohibitively high flood insurance premiums.
I am pleased to see that this legislation addresses many of the concerns ofConnecticut’s shoreline residents that I had relayed to my colleagues in congress, and I commend Rep. Waters on her commitment to consumer protection.” The bill includes several provisions of importance to eastern Connecticut: Prohibits a sale of a property or a lapse in flood insurance policy from triggering a rate increase; Restores grandfathering of certain properties built to code that are “remapped” into flood zones; Protects properties newly-mapped into special flood hazard areas from skyrocketing premiums by requiring FEMA to extend premium rate protection for the first year and capping rate increases upon renewal; Requires insurers to provide policyholders with clear information relating to their policy following certain changes in their policies.March 5th, 2014