PIA National has sent a letter to House Speaker Nancy Pelosi and Minority Leader John Boehner urging that the House quickly pass H.R. 5114, the Flood Insurance Reform and Priorities Act of 2010. The bill ny Rep. Maxine Waters (D-Calif.) would reform the National Flood Insurance Program (NFIP) and extend it for a full five years. It is expected to be considered on the House floor this Thursday July 15.

H.R. 5114 was passed by the House Financial Services Committee on May 26. It would reauthorize the program for five years and make other reforms, including increasing NFIP coverage limits, phasing in actuarial property rates and phasing out premium subsidies for second and vacation homes and making business interruption and additional living expense coverages available at actuarial cost. H.R. 5114 has yet to advance in the Senate.

PIA opposes adding wind coverage to the NFIP and supports forgiveness of the $20 billion debt that the program incurred in 2005 as the result of Hurricane Katrina. The current draft of H.R. 5114 would do neither.

“There is broad consensus that the National Flood Insurance Program is a vital component of America’s economic prosperity that provides affordable protection to homeowners and business owners,” PIA’s letter states. “PIA strongly supports the NFIP because it has been protecting us from flood risks since its inception over 40 years ago. We urge you to bring this bill to the floor and that it be passed quickly.”

“This bill contains many provisions that PIA has consistently advocated,” said PIA National Director of Federal Affairs Mike Becker. “Perhaps most significantly, H.R. 5114 extends the flood insurance program through the end of 2015. This would finally end the uncertainty that has resulted from a series of short-term NFIP reauthorizations.”

PIA National Letter to Speaker Pelosi, Minority Leader Boehner (7/13/10)

PIA Press Release

July 13, 2010