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.