Homeowner Flood Insurance Affordability Act of 2014

Floor Speech

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Mrs. CAPITO. Mr. Speaker, I yield myself 1 1/2 minutes.

Mr. Speaker, I rise today in strong support of the Homeowner Flood Insurance Affordability Act.

Last Congress, overwhelming majorities in the House and Senate, including all of my colleagues from West Virginia, voted for the passage of Biggert-Waters. There was near unanimous agreement that significant reforms were needed for the program, but when the new flood insurance rates were published last fall, I began to hear from, and met with, many West Virginians who were shocked by the increases in their flood insurance bills that had far exceeded the worst-case scenario in CBO's projection. In some cases, their only choice was to spend their life's savings on their flood insurance bills or walk away from their house, ruining their credit.

The bill before us today will make sure the people who purchased a home after the passage of Biggert-Waters, only to see their premiums skyrocket, can stay in their homes. Under this bill, homeowners will see their premiums rise towards an actuarially sound rate, but on a path that is much more affordable.

Additionally, we are taking steps to fix some of the mapping issues in the flood program. Many of my constituents have told me that they are in a Special Flood Hazard Area, despite no evidence of the area ever flooding. These two issues address the core problems of the flood insurance program: unaffordable rates and incorrect mapping.

There is no question that the NFIP is broken. We need to take steps to put it on solid financial footing, but immediately hitting people with crushing increases in their premiums just because they bought a new home is not the way to do it, and that was never the original intent of Biggert-Waters.

I urge all of my colleagues to support this bill, and I reserve the balance of my time

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