Senate addresses flood insurance concerns

February 6, 2014 by Whitney Burdette

The Senate Banking and Insurance Committee passed out a concurrent resolution urging Congress to revise a flood insurance law.

House Concurrent Resolution 42 addresses the Biggert-Waters Flood Insurance Reform Act of 2012, which committee counsel said causes inequities in the amount of flood insurance premiums paid by West Virginians with homes in flood plains versus owners of million-dollar beachfront homes.

“Basically what this resolution states is that since the flood insurance program, the national one, is in debt due to (Hurricane) Katrina and Superstorm Sandy, the financing has been redone,” she said. “A lot of multimillion dollar beach homes are subsidized by West Virginians who have primary homes in flood plans.”

An amendment proposed by counsel cleaned up some technical language. Both the amendment and the resolution were adopted. The measure will now go to the full Senate for its adoption or rejection.

Leave a Reply