March 13, 2014

Kaine Statement On Passage Of Flood Insurance Bill

WASHINGTON, D.C. – U.S. Senator Tim Kaine released the following statement today after the Senate sent the Homeowner Flood Insurance Affordability Act to the President to be signed into law:

“I’m pleased we sent the President legislation that protects coastal homeowners, including many in Hampton Roads, who would have seen their flood insurance premiums skyrocket this year due to mandated rate increases under the National Flood Insurance Program.  We’re not talking about millionaire vacation homes but primary homes now in floodplains that never were before, leaving long-time, often fixed-income homeowners unable to sell their homes or purchase insurance. I believe today’s bill fixes the exorbitant rate increases many coastal residents would have faced, while taking steps to maintain the solvency of the National Flood Insurance Program.” 

###