Zeldin Introduces Bill To Lower Insurance Premiums For Flood Insurance Holders
U.S. Representative Lee Zeldin of Shirley has introduced the NFIP Policyholder Protection Act, a federal bill that, if passed, would grant premium reductions to National Flood Insurance Program (NFIP) policyholders who enact flood mitigation activities.
Mitigation efforts include elevating one’s home, adding porous foundations and moving boilers to the second floor of a house. The bill would reward such actions with a lowered insurance premium.
Currently, FEMA offers the Flood Mitigation Assistance Grant Program, which allocates grant funds to individual states. States disburse such funds to local governments, state agencies and private nonprofits who subsequently give money to individuals.
Mr. Zeldin, a member of the House Financial Services Committee and Housing and Insurance Subcommittee, hopes to “protect homeowners’ access to affordable insurance, and improve the way claims are processed so that policyholders aren’t stuck dealing with bureaucracy and red tape after their property is damaged by a flood,” as stated in a press release.
The bill also proposes to cap the maximum premium that the Federal Emergency Management Agency can charge a homeowner at $10,000 per year.
“Passage of this bill is critical to protect homeowners on Long Island and across the country,” Mr. Zeldin said. “I look forward to getting this bill across the finish line.”