July 15, 2010
Homeowners throughout southwest Florida received good news from Congress this afternoon. A strong bi-partisan majority of the House, which I was pleased to be a part of, approved legislation (H.R. 5114) extending the National Flood Insurance Program (NFIP) through 2015. The House approved this bill with a 329-90 vote.
An estimated 60,000 homeowners in southwest Florida purchase flood insurance through the NFIP. This program provides an invaluable service to these families.
This bi-partisan legislation is also intended to strengthen the flood insurance program over the long-term. It calls for actuarially-appropriate flood insurance premiums, updated maximum insurance limits and revised flood zone maps. The House-passed version of H.R. 5114 now goes to the U.S. Senate for consideration. I hope that the Senate will quickly send this important bill to President Obama for his signature.
Extending the federal flood insurance program will help families looking to sell or buy a home in our part of Florida. This is essential for a coastal state like Florida, where our real estate market has struggled. Extending the NFIP will help revitalize this important sector of our regional economy.