Urges Congress and the President of the United States to increase subsidies for federal flood insurance.
Impact
The measure highlights that the NFIP is essential for homeowners in New Jersey, especially in light of the challenges presented by Hurricane Sandy and other flooding incidents. Recent changes to the NFIP, particularly the Biggert-Waters Flood Insurance Reform Act of 2012, which phases out certain subsidies, are poised to increase flood insurance premiums. Many homeowners could face hikes in costs by as much as 500%, exacerbating their financial hardships and potentially leading to reduced coverage among those at risk.
Summary
Senate Concurrent Resolution No. 76 (SCR76) is a legislative measure urging the United States Congress and the President to take action to increase federal subsidies for the National Flood Insurance Program (NFIP). This resolution is particularly focused on property owners from New Jersey who have experienced frequent losses due to flooding, thus emphasizing the need for more affordable flood insurance options. The urgency of this resolution is underscored by historical flooding in New Jersey, notably from Hurricane Sandy in 2012, which severely impacted many communities along the shore and in flood-prone areas.
Conclusion
SCR76 advocates for a concerted federal response to enhance flood insurance subsidies aimed at protecting vulnerable communities in New Jersey. By addressing the challenges of affordability and availability in flood insurance, the resolution seeks to facilitate essential support for property owners to rebuild and recover, ultimately leading to greater resilience against future flooding events.
Contention
Opponents of the subsidy reduction argue that the elimination of federal subsidies places an undue burden on homeowners already facing financial strains from frequent floods. The historical context provided by comparing relief responses from earlier disasters, like Hurricane Katrina, indicates discrepancies in how federal aid has been managed, with Hurricane Sandy victims waiting longer for assistance. This discrepancy fuels calls for immediate legislative changes to support affected homeowners and maintain affordable insurance rates.
Urging The Congress Of The United States To Enact A National Reinsurance Program To Address The Multi-state Insurance Crisis Resulting From Catastrophic Natural Disasters.
Urging The Congress Of The United States To Enact A National Reinsurance Program To Address The Multi-state Insurance Crisis Resulting From Catastrophic Natural Disasters.
Memorializes the United States Congress to end Risk Rating 2.0 and to take certain other necessary actions to alleviate the financial burden of flood insurance
Memorializes Congress and the Louisiana congressional delegation to take such actions as necessary to fully fund the Livestock Indemnity Program in response to the negative impact created by losses to the Louisiana livestock industry as a result of Hurricane Laura and Hurricane Delta
Memorializes congress and the Louisiana congressional delegation to take such actions as are necessary to require the Federal Emergency Management Agency to grant Louisiana full federal funding for disaster expenses associated with Hurricane Laura or to grant Louisiana the ability to utilize alternative sources of federal funds as any needed match if full funding is not provided