The Big “I” applauds the U.S. Senate for passing H.R. 3370, the “Homeowner Flood Insurance Affordability Act of 2013,” by Sen. Bob Menendez (D-N.J.) and Rep. Michael Grimm (R-N.Y.).  

The bipartisan bill would make changes to Biggert-Waters in order to help mitigate the “sticker shock” some consumers are facing as a result of two provisions that create drastic premium increases in many parts of the country. The House of Representatives passed H.R. 3370 on March 4 in a 306-91 vote.

“The Big ‘I’ would like to particularly commend Senators Menendez and Isakson and Representatives Grimm and Waters for their tireless work on fixing some of the unintended effects of Biggert-Waters,” says Robert Rusbuldt, Big “I” president & CEO. “This bill was a top priority for the Big ‘I’ as it will reduce some of the harmful effects of Biggert-Waters without undoing the numerous positive provisions within the law.” 

In addition to other revisions to Biggert-Waters, the bill would repeal the entirety of Section 207, reinstating the “grandfathering” of policies located in communities with a new or redrawn map. H.R. 3370 would also stop the elimination of subsidies for pre-FIRM properties that are bought and sold—an extremely problematic provision in Section 205 of Biggert-Waters.

“Today’s Senate vote represents a major victory for independent insurance agents,” says Charles Symington, Big “I” senior vice president for external and government affairs. “The startling pace with which Congress acted in order to fix the unintended effects of these two provisions in Biggert-Waters, itself less than two years old, should be commended.”

Margarita Tapia is Big “I” director of public affairs.