Senate Committee Approves Flood Insurance Bill

April 6, 2004

The U.S. Senate Banking, Housing, and Urban Affairs Committee approved the Flood Insurance Reform Act of 2004 (S. 2238).

The bill, sponsored by U.S. Sen. Jim Bunning (R-Ky.) along with a bipartisan group of seven co-sponsors, provides for:

  1. a five-year reauthorization of the National Flood Insurance Program;
  2. 50 percent increase in flood insurance premiums for policyholders whose properties are repeatedly flooded and who refuse government offers of mitigation assistance; and
  3. reforms to the NFIP to ensure that policyholders are fully aware of the details of their policies.