Sponsored by:
Senator JEFF VAN DREW
District 1 (Atlantic, Cape May and Cumberland)
SYNOPSIS
Memorializes Congress and the President of the United States to increase subsidies for federal flood insurance.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution memorializing Congress and the President of the United States to increase subsidies for federal flood insurance.
Whereas, On October 29, 2012, Hurricane Sandy made landfall in New Jersey, causing destruction throughout the State, especially to communities along the shore and in areas vulnerable to flooding; and
Whereas, The National Flood Insurance Program (NFIP), a federal program overseen by the Federal Emergency Management Agency (FEMA), provides flood insurance for many homes in flood-prone areas, because private flood insurance is often unavailable to homeowners in those areas; and
Whereas, In the summer of 2012, President Obama signed the Biggert-Waters Flood Insurance Reform Act of 2012 into law, requiring FEMA to phase-out and eventually eliminate a variety of existing subsidies for flood insurance premiums, and to reevaluate the flood risk of certain flood zones; and
Whereas, The elimination of subsidies will increase expenses for New Jersey homeowners who already pay high premiums for flood insurance; and
Whereas, Additionally, the reevaluation of flood zones in New Jersey will drastically raise the cost of flood insurance for some of the homeowners in certain flood zones; and
Whereas, Many of the homeowners who will be subject to increased costs because of rising premiums and the reevaluation of flood zones are the very same homeowners who have been heavily impacted by recent floods, and these homeowners would benefit greatly from a reduction in premiums; and
Whereas, It is fitting and appropriate for the Senate 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 Senate of the State of New Jersey:
1. The Congress and President of the United States are respectfully memorialized 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. Duly authenticated copies of this Senate resolution, signed by the President of the Senate and attested by the Secretary of the Senate shall be transmitted 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, every member of Congress elected from this State, and the Administrator of the Federal Emergency Management Agency.
STATEMENT
This Senate resolution respectfully memorializes the Congress and 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.