January 30, 2014

Kaine Hails Passage Of Flood Insurance Bill

WASHINGTON, D.C. – U.S. Senator Tim Kaine released the following statement today after final passage of the Homeowner Flood Insurance Affordability Act:

"Today the Senate voted to preempt rate increases in the National Flood Insurance Program that would have affected many people in Virginia and other states with low-lying coastal and flood-prone areas.  Due to climate impacts like sea-level rise and more frequent storms, insurance rates must begin to reflect the fact that flood risk is higher now than in the past.  But before any rate increases, we should examine the financial impact on fixed-income homeowners.  I heard from many constituents, particularly seniors in Hampton Roads, with deep concerns about how they would afford major premium increases. I believe this bill makes a sensible change to protect coastal residents in Virginia and around the country from being priced out of their homes."

###