Bill Text: NJ ACR114 | 2020-2021 | Regular Session | Introduced
Bill Title: Urges Congress and the President of the United States to increase subsidies for federal flood insurance.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2020-02-13 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [ACR114 Detail]
Download: New_Jersey-2020-ACR114-Introduced.html
ASSEMBLY CONCURRENT RESOLUTION No. 114
STATE OF NEW JERSEY
219th LEGISLATURE
INTRODUCED FEBRUARY 13, 2020
Sponsored by:
Assemblywoman LISA SWAIN
District 38 (Bergen and Passaic)
Assemblyman P. CHRISTOPHER TULLY
District 38 (Bergen and Passaic)
SYNOPSIS
Urges Congress and the President of the United States to increase subsidies for federal flood insurance.
CURRENT VERSION OF TEXT
As introduced.
A Concurrent Resolution urging Congress and the President of the United States to increase subsidies for federal flood insurance.
Whereas, In late October of 2012, Hurricane Sandy battered New Jersey, devastating many communities, especially those located along the shore and in other areas vulnerable to flood; and
Whereas, The National Flood Insurance Program (NFIP) has been an indispensible resource for many victims of Hurricane Sandy and other flooding disasters in New Jersey over the years; and
Whereas, Due to the unavailability of private insurers that offer adequate and affordable flood insurance, the NFIP, a federal program first established through the National Flood Insurance Act of 1968, provides coverage to many in flood-prone areas; and
Whereas, On July 6, 2012, President Obama signed into law the Biggert-Waters Flood Insurance Reform Act of 2012, which requires the NFIP to phase-out and eventually eliminate a variety of existing subsidies for flood insurance premiums; and
Whereas, The elimination of subsidies will increase expenses for New Jersey homeowners who already pay high premiums for flood insurance; and
Whereas, Due to changes in floodplain zones by the Federal Emergency Management Agency, which oversees the NFIP, some New Jersey homeowners' homes below new base flood elevations could see an unprecedented escalation in the cost of flood insurance premiums of 500% or more; and
Whereas, Many of the homeowners who will be subject to increased flood insurance premiums are the very same homeowners who have been heavily impacted by recent disasters, such as Hurricane Sandy and Hurricane Irene; and
Whereas, Additionally, there has been a disparate Congressional and federal reaction to Hurricane Sandy as compared to other recent national disasters, which has negatively affected the victims of Hurricane Sandy in many ways, such as delaying the federal relief necessary to help victims rebuild their lives; and
Whereas, The federal government provided relief to victims within 10 days of Hurricane Katrina and within 30 days of Hurricane Andrew, but victims of Hurricane Sandy have waited over 90 days for relief, the first installment of which was finally released on February 6, 2013; and
Whereas, An increase in subsidies for property owners who have suffered frequent losses would be especially helpful, as these property owners suffer from high premiums, losses from recent disasters, and delays in receiving federal relief; and
Whereas,
It is fitting and appropriate for the Legislature of the State of New Jersey to
call upon Congress and the President of the United States to increase subsidies
for federal flood insurance, in
order to decrease premiums for the homeowners living in flood-prone areas of this State and similarly situated states; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):
1. The Congress and President of the United States are respectfully urged to take all appropriate legislative and regulatory action necessary to increase subsidies for premiums paid for flood insurance through the National Flood Insurance Program, especially for property owners who have suffered frequent losses.
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly or the Secretary of the Senate to the President and Vice President of the United States, the Majority and Minority Leaders of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and every member of Congress elected from this State, and the Administrator of the Federal Emergency Management Agency.
STATEMENT
This concurrent resolution respectfully urges Congress and the President of the United States to take all appropriate legislative and regulatory action necessary to increase subsidies for premiums paid for flood insurance through the National Flood Insurance Program, especially for property owners who have suffered frequent losses.
