Bill Text: SC H4559 | 2013-2014 | 120th General Assembly | Comm Sub
Bill Title: Homeowner Flood Insurance Affordability Act
Spectrum: Slight Partisan Bill (Republican 13-5)
Status: (Introduced - Dead) 2014-02-27 - Adopted, returned to House with concurrence [H4559 Detail]
Download: South_Carolina-2013-H4559-Comm_Sub.html
COMMITTEE REPORT
February 26, 2014
H. 4559
Introduced by Reps. McCoy, Merrill, Erickson, Stavrinakis, Daning, Crosby, Rivers, Patrick, Sottile, Whipper, Newton, Gilliard, Mack, Murphy, Limehouse, R.L. Brown, Harrell and Horne
S. Printed 2/26/14--S.
Read the first time February 6, 2014.
To whom was referred a Concurrent Resolution (H. 4559) to memorialize the Congress of the United States to enact Senate Bill S.1846, the Homeowner Flood Insurance Affordability Act of 2013, in order to delay flood insurance rate, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. HAYES, JR. for Committee.
A CONCURRENT RESOLUTION
TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO ENACT SENATE BILL S.1846, THE HOMEOWNER FLOOD INSURANCE AFFORDABILITY ACT OF 2013, IN ORDER TO DELAY FLOOD INSURANCE RATE INCREASES CAUSED BY THE BIGGERT-WATERS FLOOD INSURANCE REFORM ACT OF 2012, AND TO REQUIRE THE FEDERAL EMERGENCY MANAGEMENT AGENCY TO STUDY THE AFFORDABILITY OF THAT ACT ON PROPERTY OWNERS AND TO IMPLEMENT AN ACCURATE FLOOD MAPPING APPROACH BEFORE RAISING FLOOD INSURANCE RATES; AND TO UNDERTAKE EFFORTS TO DEVELOP A LONG-TERM SOLUTION TO ENSURING AN AFFORDABLE, ACCESSIBLE, AND SUSTAINABLE FLOOD INSURANCE PROGRAM.
Whereas, Congress enacted the Biggert-Waters Flood Insurance Reform Act of 2012, to help make the government's flood insurance program financially solvent by bringing insurance rates in line with true flooding risks; and
Whereas, it has become apparent that the law will harm millions of Americans across the country, including hundreds of thousands of property owners in South Carolina, by causing substantial flood insurance rate hikes; and
Whereas, the impact of these rate hikes will be particularly devastating in the coastal counties of Beaufort, Berkeley, Charleston, Dorchester, Georgetown, and Horry, which are flood prone and are vital to a healthy tourism industry; and
Whereas, many residents of the State benefit from a robust real estate market in the Low Country, which will suffer from the impact of the Biggert-Waters Act on flood insurance rates for older properties and on home sales; and
Whereas, while Congress passed an omnibus budget bill earlier this month, which included a four-month delay in flood insurance rate hikes for a limited class of properties, thousands of individuals who do not benefit from the stop-gap measure are experiencing the negative effects of these rate increases that began October 1, 2013; and
Whereas, the Homeowner Flood Insurance Affordability Act would extend and expand the moratorium on rate hikes for four years, which will protect many more residents of the State and facilitate a process to develop a long-term solution to ensure an affordable and solvent federal flood insurance program by requiring a study of the affordability of the Biggert-Waters Act and the development and implementation of a flood mapping approach that, when applied, results in technically credible flood hazard data; and
Whereas, Senators Tim Scott and Lindsey Graham have cosponsored this bill, which Senator Scott supports because the "temporary delay will allow a halt in burdensome rate increases while the problem is addressed," and which Senator Graham promotes as a measure that is "critically important" for South Carolina. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the members of the General Assembly of the State of South Carolina, by this resolution, respectfully memorialize Congress to enact Senate bill S.1846, The Homeowner Flood Insurance Affordability Act of 2013, as part of a process to protect residents of the State from onerous increases in flood insurance rates and to design a long-term strategy that will ensure an accessible, affordable, and solvent National Flood Insurance Program.
Be it further resolved that a copy of this resolution be forwarded to the South Carolina Congressional Delegation.
