| House Approves Flood Insurance Reform Bill
Legislation Includes Wind and Water Coverage Under One Policy
Thursday, September 27, 2007
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Washington, D.C. – House Majority Whip and Chair of the House Democratic Caucus Taskforce on Hurricane Katrina, James E. Clyburn, released the following statement today regarding passage of HR 3121, the Flood Insurance Reform and Modernization Act.
“Two years ago Hurricanes Katrina and Rita pummeled our Gulf Coast with heavy winds, storm surge, and levee breaches that killed more than 1,600 people and caused billions of dollars in damage to thousands of homes and businesses. Many Gulf Coast residents were left to weather an even stronger storm in Katrina and Rita’s aftermath when their insurance companies abandoned them and refused to properly cover their losses.
“Today, the Democratic-led Congress passed the Flood Insurance Reform and Modernization Act, legislation designed to hold insurance companies more accountable and prevent the denials of coverage that so many Katrina and Rita survivors were rightfully entitled. Specifically, this bill authorizes the National Flood Insurance Program (NFIP) to provide for an optional multiple peril policy to cover both wind and flood risk in one insurance policy.
“While the multiple peril provisions fall short of being as comprehensive as the Democratic Leadership would like, we will use this bill as a building block in promoting future initiatives with more inclusive multiple peril coverage plans.
“Democrats returned to the Gulf Coast on the Second Anniversary of Hurricane Katrina committed to a strong partnership for the future with the region. Passage of today’s legislation honors that commitment. I commend Congressman Gene Taylor for his advocacy and perseverance in pushing to get this important legislation to the House Floor.” |
