Contact: Giselle Barry (Markey), 2022242742

Lacey Rose (Warren), 2022242292

Homeowner Flood Insurance Affordability Act Introduced Today by Bipartisan Coalition

Washington (October 29, 2013) -Senators Edward J. Markey (DMass.) and Elizabeth Warren (DMass.) today joined a bipartisan coalition of members to introduce the "Homeowner Flood Insurance Affordability Act", which will protect millions of homeowners from facing huge flood insurance premium rate hikes and require the Federal Emergency Management Agency (FEMA) to complete an affordability study and propose real solutions to address affordability issues before any flood insurance premiums can be raised in the future. The bill includes a provision to compensate homeowners who successfully appeal their inclusion in new flood maps and are granted new elevation certificates, which Senator Warren advocated at a recent Banking Committee hearing with FEMA. Senator Markey is an original cosponsor of the legislation introduced today. 

"One year ago today, Superstorm Sandy destroyed homes and businesses along the Atlantic coast," said Senator Markey. "But the costs of stronger storms and more frequent flooding should not be borne by those that are least able to afford it, including innocent business and homeowners in Massachusetts. When I met with community members in the North and South Shore, I heard grave concerns that rate increases could mean the loss of homes and the shuttering of businesses. This bipartisan legislation will ensure that we have addressed the affordability of the flood insurance rate increases before any crippling flood insurance rate increases go into effect. I thank my colleagues, especially Senators Menendez, Isakson, Landrieu and Merkley, for their leadership on this issue."

"Families shouldn't be slammed by unexpected and unaffordable rate hikes while FEMA is still trying to figure out if its maps are accurate," said Senator Warren. "I'm pleased to join colleagues on both sides of the aisle to call for a commonsense, oneyear delay, which will give FEMA time to complete an affordability study and properly implement the new rates. This legislation will help families in Massachusetts and across the country."

"What I'm hearing from homeowners and businesses in my district about exorbitant increases in flood insurance premiums and rates is extremely concerning," said Congressman Tierney. "More than 3,000 residents in Essex County alone have been affected. This commonsense legislation will provide relief to these homeowners by delaying rate hikes while Congress awaits an affordability study that was intended to be completed before these staggering rate increases took effect. I look forward to continuing to work with my colleagues in the Massachusetts delegation to help my constituents by addressing the affordability concerns that have arisen from the new flood maps."

"As a member of the Natural Resources Committee, and with several major rivers and waterways crisscrossing the Third District, I have long been an advocate for not only preserving these natural resources but also supporting those who live and work around them," said Congresswoman Tsongas. "I have heard from concerned residents in the region and I urge action to help maintain affordable flood insurance."

"Many residents in our district have been living in coastal communities for generations," said Congressman Keating, who helped craft the legislation. "The rate hikes under the NFIP would propose such a hardship that many would potentially need to move. The legislation introduced today is an important step towards making flood insurance comprehensive while remaining affordable. As someone who lives and works in a community affected by these rate hikes, I understand the concern and need for immediate action. I am glad that Members from both parties in both the House and Senate are able to agree and fix this problem before it is too late, and I urge swift passage by both chambers."

As maps are updated, many families in Massachusetts and across the country have been placed into a flood zone for the first time, and are being asked to pay thousands of dollars in premiums under new flood insurance rate rules. Senators Markey and Warren signed a bipartisan letter earlier this month calling for a oneyear delay of the new rates.  Senator Markey also led  the Massachusetts Congressional delegation in a letter to Senate and House of leadership calling for a delay.

The bill was led by Senators Robert Menendez (DNJ) and Johnny Isakson (RGA); additional cosponsors include Senators Mary Landrieu (DAR), David Vitter (RLA), Chuck Schumer (DNY), Jeff Merkley (DOR), John Hoeven (RND), Al Franken (DMN), Tom Coburn (ROkla.) and Heidi Heitkamp (DND). Congresswoman Maxine Waters, along with Congressmen Michael Grimm, Cedric Richmond and 34 others are introducing a companion bill in the House of Representatives.

A copy of the legislation can be found HERE.