Forum staff reports, Published January 23 2014
US Senate expected to take up flood insurance legislationGRAFTON, N.D. – Sen. John Hoeven, R-N.D., told a gathering of business leaders here Thursday that the Senate will soon take up a bill he co-sponsored that would delay scheduled increases in flood insurance premiums.
Last fall, Hoeven and a bipartisan group of senators introduced the Homeowners Flood Insurance Affordability Act, which would prevent the Federal Emergency Management Agency from steeply increasing flood insurance rates before it studies the impact of such increases on policy holders.
Included in the legislation is the Hoeven-Heitkamp Flood Safe Basements Act, a measure that would make sure homeowners receive credit for flood-proofed basements when flood insurance rates are determined.
“Our bill requires FEMA to complete an affordability study to help preserve affordable flood insurance premiums, as well as an important provision I authored that ensures communities like Grafton are able to continue using flood-proofed basement credits to determine their premiums,” Hoeven said in a news release.