Congressman Francis Rooney Votes to Support Improved Flood Insurance Legislation
Washington, DC – Today, Congressman Francis Rooney voted in favor of H.R. 2874, the 21st Century Flood Reform Act. This bill, which is critical to Southwest Florida families, reauthorizes the National Flood Insurance Program (NFIP) and makes it possible for Floridians to obtain affordable insurance to protect their homes and businesses. The bill also opens the flood insurance market to private sector competition to drive prices even lower.
Congressman Rooney stated, “With the NFIP losing 1.5 billion dollars a year, changes are necessary, however it is critical for us to ensure that fair and affordable insurance options for Southwest Florida families remain in place. This bill provides these affordable options for our community, while making it possible to inject private sector competition into the market to lower overall rates.”
Florida has been a “donor state” to the NFIP for decades, paying 27% of the program’s annual premiums while only accounting for 7.3% of the dollars paid in claims since 1978; and the counties of Collier and Lee have paid 4.8% of the premiums but involved only 0.18% of the claims over that same period.
Recap of H.R. 2874