State Rep. Perry Warren, D-Bucks, announced that his bill, which would establish a Flood Insurance Premium Assistance Task Force to help reduce the cost of flood insurance premiums, was approved unanimously by the House Insurance Committee.
H.B. 70 would address this financial issue, which Warren said resulted from the Federal Emergency Management Agency’s redrawing of its flood maps. When FEMA in recent years revised its flood maps to require many more properties in Pennsylvania to hold flood insurance, its goal was to mitigate the financial harm and help lessen the emotional devastation caused by floods.
However, the remapping has had a negative financial impact on homeowners and communities in floodplains as many more Pennsylvanians are now struggling to pay rising flood insurance premiums, and many more communities along Pennsylvania’s rivers and creeks are at risk of reduced property sales and values due to those premiums.
“The increasing number of homes required to have flood insurance has had a deleterious effect on homeowners’ finances, local property values and our communities’ economics,” Warren said. “My legislation would address the problem of rising premiums through the establishment of a Flood Insurance Premium Assistance Task Force, which would help to reduce flood insurance costs by recommending potential programs that provide premium discounts and by supporting programs that incentivize local governments to implement flood mitigation efforts. The task force would aim to improve the situation for individual homeowners and the community at large.”
The bill would also support the implementation of any necessary changes to state statute or policy regarding the administration of flood insurance.
The bill is now on its way to be considered by the full House.
