BOSTON- Senator Michael O. Moore (D-Millbury) has signed on as a co-sponsor of a letter to the Massachusetts Congressional Delegation concerning flood insurance costs for homeowners. The letter, which is signed by several Massachusetts state Senators and state Representatives, urges the federal delegates to sign on as co-sponsors to the Flood Insurance Implementation Reform Act (H.R. 2199), which delays implementation of select provisions of the Biggert-Waters Flood Insurance Act of 2012.
“Massachusetts has a world renowned and prized shoreline and waterways across the state. Municipalities that build their foundations near these water sources not only benefit from them economically, but also enjoy their majestic beauty. Unfortunately, often without warning or hesitation, these natural resources can quickly become sources of destruction” stated Senator Moore. “I am signing onto this letter because it is important for our elected officials in Congress and the federal government to refrain from harming local municipalities by deterring individuals from residing in cities and towns near water by causing flood insurance to rise and become unaffordable.”
On October 1, 2013, the provisions in question will be implemented into law, threatening the affordability of flood insurance for many Commonwealth residents. The letter urges the delegation to support H.R. 2199 due to the affordable and sustainable manner in which it provides the implementation of the National Flood Insurance Program.
Some of the highlights of H.R. 2199 that will benefit residents of Massachusetts include:
· A three-year implementation delay of Section 207 of Biggert-Waters, which directs FEMA to increase flood insurance rates for any community that receives a revised or new flood map over a five-year period. The three-year leniency period will allow for Congress, FEMA and town officials to work together to ensure that these increases are affordable;
· Calls for a five-year implementation delay of charging the full actuarial flood insurance rates for newly purchased properties. The delay will allow for homes to be purchased and sold for five-years after the enactment of Biggert-Waters without a large rate increase;
· Seeks to eliminate the cap on state and local contributions to FEMA calculations on insurance premiums for municipalities seeking to strengthen water barriers to mitigate future disasters;
· Outlines a manner in which FEMA and the National Academy of Sciences can complete the affordability study mandated by Biggert-Waters; and,
· Requires FEMA to work with individual states and municipalities to identify non-structural flood mitigation features, such as forests and marshlands and requires FEMA to include non-structural flood mitigation features on new maps.
UPTON DAILY 