Sponsored by:
Assemblywoman MARLENE CARIDE
District 36 (Bergen and Passaic)
Assemblyman TIMOTHY J. EUSTACE
District 38 (Bergen and Passaic)
Assemblyman SCOTT T. RUMANA
District 40 (Bergen, Essex, Morris and Passaic)
Co-Sponsored by:
Assemblyman C.A.Brown
SYNOPSIS
Urges enactment of federal “Homeowner Flood Insurance Affordability Act of 2013.”
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging Congress to pass, and the President to approve, the “Homeowner Flood Insurance Affordability Act of 2013.”
Whereas, On October 29, 2012, Hurricane Sandy made landfall and wreaked destruction in New Jersey, particularly in communities along the shore and in other flood-prone areas; and
Whereas, The National Flood Insurance Program (NFIP) has been the primary flood insurer for New Jersey’s flood-prone areas for many years, since it was first established through the National Flood Insurance Act of 1968; and
Whereas, Due to the unavailability of private insurers that offer adequate and affordable flood insurance, affordable flood insurance is usually only available in communities that are especially vulnerable to flood through the NFIP; and
Whereas, On July 6, 2012, the “Biggert-Waters Flood Insurance Reform Act of 2012” became law, requiring the NFIP to phase-out and eventually eliminate a variety of existing subsidies for flood insurance premiums, which will increase premiums for many New Jersey homeowners; and
Whereas, Additionally, due to changes in floodplain zones, some New Jersey homeowners could see a drastic increase in the cost of flood insurance premiums; and
Whereas, Many of the homeowners who will be subject to increased flood insurance premiums are the very same homeowners who have been heavily impacted by recent disasters, such as Hurricane Sandy; and
Whereas, On October 29, 2013, United States Senator Robert Menendez introduced the “Homeowner Flood Insurance Affordability Act of 2013,” S.1610 (the Act), in order to protect homeowners that are faced with flood insurance rate hikes and propose solutions to affordability issues; and
Whereas, The Act delays the implementation of rate increases for many homeowners who currently receive subsidies until affordability studies and certain flood mapping approaches have been utilized; and
Whereas, Additionally, the Act allows policy holders to be reimbursed for successful appeals concerning flood maps, which can be of questionable accuracy, and establishes a Flood Insurance Advocate to advocate for the fair treatment of policy holders and to answer questions about the flood mapping process and flood insurance rates; and
Whereas, The Act would ameliorate the effect of increased premiums, allowing flood-prone areas to rebuild from Hurricane Sandy without the additional burden of drastically increased premiums; and
Whereas, It is fitting and appropriate for the Legislature of the State of New Jersey to call upon Congress to pass, and the President of the United States to approve, the “Homeowner Flood Insurance Affordability Act of 2013;” now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. The General Assembly of the State of New Jersey respectfully urges the Congress of the United States to pass, and the President to approve, the “Homeowner Flood Insurance Affordability Act of 2013,” in order to ameliorate the effect of increased premiums, and allow flood-prone areas to rebuild from Hurricane Sandy without the additional burden of drastically increased premiums.
2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk thereof, shall be transmitted to the President of the United States, the United States Senate Majority Leader, the Speaker of the United States House of Representatives, and every member of Congress elected from this State.
STATEMENT
This resolution respectfully urges Congress to pass, and the President of the United States to approve, the “Homeowner Flood Insurance Affordability Act of 2013.”