Bill > ACR98

This concurrent resolution respectfully urges Congress and the President of the United States to take necessary legislative and regulatory actions to increase financial assistance, known as subsidies, for flood insurance premiums paid through the National Flood Insurance Program (NFIP), a federal program established in 1968 to provide coverage in flood-prone areas when private insurers are unavailable. This call for increased subsidies is particularly aimed at helping property owners who have experienced repeated flood losses, as recent federal legislation, the Biggert-Waters Flood Insurance Reform Act of 2012, is phasing out existing subsidies, which could lead to significant premium increases for homeowners, especially those in areas with updated flood zone designations by the Federal Emergency Management Agency (FEMA). The resolution highlights the devastating impact of events like Hurricane Sandy on New Jersey residents, noting that many affected homeowners are already struggling with high premiums and delayed federal relief, making increased subsidies crucial for their recovery and financial stability.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2026/ACR98