Bill > SCR76

This concurrent resolution urges Congress and the President to increase subsidies for flood insurance premiums through the National Flood Insurance Program (NFIP), a federal program established in 1968 that provides insurance coverage in flood-prone areas where private insurers do not offer adequate protection. The resolution stems from the context of Hurricane Sandy's devastation in New Jersey and concerns about the Biggert-Waters Flood Insurance Reform Act of 2012, which would phase out existing insurance subsidies. The proposed action is particularly focused on helping property owners who have experienced frequent flood losses and face potentially dramatic premium increases, with some homeowners potentially seeing insurance costs rise by 500% due to new Federal Emergency Management Agency (FEMA) floodplain zone changes. By calling for increased subsidies, the resolution aims to provide relief to homeowners in flood-prone areas who have already suffered significant losses from recent natural disasters and are struggling with high insurance costs, while highlighting the perceived slow and unequal federal response to Hurricane Sandy compared to previous national disasters like Hurricane Katrina and Hurricane Andrew.

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https://www.njleg.state.nj.us/bill-search/2024/SCR76