New bipartisan flood insurance legislation introduced in the House
Non-profit public policy group The R Street praised the legislation.
“The Repeatedly Flooded Communities Preparation Act would support crucial community-focused efforts to address the explosion of repetitive loss properties insured by the NFIP, which still owes more than $20 billion to taxpayers even after having $16 billion of its debt canceled in 2017,” R.J. Lehmann, R Street’s director of finance, insurance and trade policy, said in a statement.
“Investing in mitigation is a far more cost-effective use of taxpayer dollars than continuing to pay out claims and extend disaster assistance to the same places over and over again,” Lehmann added. “This legislation takes a carrot-and-stick approach to the problem of repeat flood losses, facilitating access to mitigation funding for communities that take the initiative, with potentially significant financial consequences for those that do not.”