Bill > ACR71

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 coverage in areas where private insurers do not offer affordable flood insurance. The resolution highlights the specific context of Hurricane Sandy's impact on New Jersey, noting that the Biggert-Waters Flood Insurance Reform Act of 2012 had eliminated existing insurance subsidies, potentially causing significant premium increases for homeowners in flood-prone areas. The resolution emphasizes that many affected homeowners have already suffered substantial losses from recent disasters like Hurricane Sandy and Hurricane Irene, and some could face premium increases of up to 500% due to changes in Federal Emergency Management Agency (FEMA) floodplain zone mappings. By calling for increased subsidies, particularly for property owners with frequent losses, the resolution aims to provide financial relief to homeowners in New Jersey and similarly situated states who have been disproportionately impacted by flooding and delayed federal assistance.

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https://www.njleg.state.nj.us/bill-search/2024/ACR71