Florida Congressmen Carlos Curbelo and Charlie Crist have re-introduced the Flood Insurance Fairness Act that would require the National Flood Insurance Program (NFIP) to provide rate relief to Americans paying flood insurance for non-primary residences.
“Across the country rental properties like those affected by this bill not only serve as primary income for many landlords, but also provide reasonably priced housing for the workforce in our coastal communities,” said Curbelo. “This bill is critical to South Florida, especially for residents of the Florida Keys that are in desperate need of affordable housing options. The Flood Insurance Fairness Act would ensure all Americans have access to affordable flood insurance by guaranteeing that all non-primary residences and business properties receive the same rates provided to primary homes under the NFIP.”
FIRM President Mel Montagne stated, “This bill will bring some much needed rate relief to our community. Florida has long been a donor state to the NFIP, and Monroe County has been an integral part of that.”
Florida carries over a third of the 5 million NFIP policies in place in the United States. By the end of 2008 Florida had paid over $16 billion in premiums while collecting only a little over $4.1 billion in claims.
Representatives Curbelo and Crist are optimistic that the bill will gain momentum from the proposed reauthorization of the NFIP in September of this year. Lawmakers in coastal states are well aware of the impact this bill would have on their constituents. FIRM encourages those who own properties in Monroe County but reside in other states to reach out to their members of Congress there, as well, so that they too understand how flood insurance reform benefits the entire country.
FIRM is a grassroots organization formed in 2006 to fight for fair property insurance rates for property owners and residents of Monroe County, Florida (Florida Keys). Through advocacy and community outreach, FIRM contributes to housing affordability and helps residents remain and prosper in our community.