An influential insurance trade group has joined a handful of other industry groups in supporting legislative efforts to delay unaffordable hikes in flood insurance premiums.
“Every day our coalition to fix the Biggert-Waters flood insurance reform bill grows stronger and deeper,” according to Sen. Mary Landrieu, D-La.
The Independent Insurance Agents and Brokers of America is now focusing its lobbying efforts to pass a bill that amends the 2012 Biggert-Waters bill and delays scheduled premium hikes for up to four years.
The National Association of Home Builders, National Association of Realtors, American Bankers Association, National Association of Counties and Independent Community Bankers of America also support the Home Flood Insurance Affordability bill (S.1846) co-sponsored by Sens. Robert Menendez, D-N.J., and Johnny Isakson, R-Ga.
The bill would delay premium hikes until the Federal Emergency Management Agency completes an affordability study that shows how the premium hikes will impact individual policy holders and the solvency of the National Flood Insurance Program.
Landrieu also pointed out that Sen. Marco Rubio, R-Fla., has told reporters he will vote for the flood bill. So far, 30 senators have lined up in support of S.1846. The coalition needs 60 votes before the Senate will schedule a debate on the bill.