Scott, Schatz Reintroduce Bill to Protect Flood-Prone Communities
Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator Brian Schatz (D-Hawaii) today reintroduced the Repeatedly Flooded Communities Preparation Act to protect flood-prone communities. The bill would provide resources for preventative measures to help flood-prone communities end the costly cycle of repeated flooding and rebuilding.
Jerry Theodorou, Policy Director for the Finance, Insurance and Trade Program, R Street Institute: “Repetitive loss properties number approximately 1 percent of the National Flood Insurance Program’s (NFIP) five million flood policies, but account for approximately 30 percent of the program’s claims. For the NFIP to approach fiscal soundness, it must deal effectively with repetitive loss properties. We support the Repeatedly Flooded Communities Preparation Act because it would entail repeatedly flooded communities participating in the National Flood Insurance Program to assess risks to their communities repeatedly damaged by floods, and to develop and implement a plan to mitigate flood risk in such areas.”