Agent groups have little but praise for the U.S. Senate's Thursday vote in favor of a House bill that would roll back some of the changes to the National Flood Insurance Program by the Biggert-Waters Flood Insurance Reform Act of 2012.
“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,” said Robert Rusbuldt, president and CEO of the Independent Insurance Agents & Brokers of America in a statement issued shortly after the Senate's 72-to-22 vote in favor of the “Homeowner Flood Insurance Affordability Act of 2014.”
The National Association of Professional Insurance Agents also welcomed the Senate's action, saying in a statement that the group is “pleased” that the bill included “mitigation provisions that can lead to sustainable rate relief.”
“This bill provides needed relief for some policyholders who were facing drastic rate increases,” said PIA. “It does so by delaying some tough decisions, pending a study on affordability. PIA still supports the principle of charging risk-based rates for flood insurance, in a manner that takes affordability into account.”