Matsui Amendment to Save Sacramento-area Homeowners Average of $843 on Flood Insurance Passes HouseFOR IMMEDIATE RELEASE CONTACT: MARA LEE Matsui Amendment to Save Sacramento-area Homeowners Average of $843 on Flood Insurance Passes House • Today, the House of Representatives adopted an amendment offered by Congresswoman Doris Matsui (D-Sacramento) that will save Sacramento-area homeowners in remapped areas an average of $843 on their flood insurance plans. The Matsui Amendment would make flood insurance more affordable for homeowners. The Matsui Amendment was included in the Flood Insurance Reform Act of 2011, H.R. 1309, which reauthorizes the National Flood Insurance Program for five years, allowing property owners in participating communities to purchase protection against flooding. The amended version of the legislation passed the House today by a 406-22 vote. Congresswoman Matsui stated, • Since Hurricane Katrina, more than 25,000 homeowners in my district have been remapped • and for them • flood insurance is now mandatory. Their flood insurance costs would have been increased to over $675 in 2013 if H.R. 1309 had passed unamended. But as a result of my amendment, the phase-in for homeowners will begin at the current PRP rate, effectively extending the current PRP rate through 2013; thus offering the discounted PRP rate for an additional year to homeowners. My amendment will save homeowners an estimated $850.• For some Sacramento area homeowners, particularly those in Natomas, homeowners have had to pay an estimated $350 for PRP rates, which expire for remapped areas at the end of 2012. Those homeowners would have been forced to pay an average of $675 starting in 2013 if the Matsui Amendment had not been adopted. As a result of the Matsui Amendment, homeowners will pay the current PRP rate of $350 in 2013, and rates will rise incrementally at a 20 percent rate over the next five years. The Matsui Amendment will save the average policy holder in a remapped area about $843 over 5 years, as shown below:
H.R. 1309 also includes language from Congresswoman Matsui•’s own legislation, H.R. 902, which would modernize FEMA•’s flood zone designations. Specifically, this provision will update current law to take local, state, and federal funding into account when determining flood zone designations. This is a critical step forward for the Sacramento community, whose residents have continue to invest in Sacramento•’s flood protection priorities • contributions that will now be recognized by the federal government. • I am pleased that the House acted today to assist Sacramento homeowners who are struggling to make ends meet,• Matsui said. • H.R. 1309, as amended, is an important step forward for our community, as we continue to work to provide the best possible flood protection system for Sacramento families.• • Of course, the best • insurance• against a flood is a strong flood protection system,• added Matsui. In addition to making flood insurance more affordable for Sacramento families, I remain steadfast in my commitment to complete all of our region•’s flood protection projects as quickly as possible. Each one of these projects is a critical component to improving the flood protection for the entire Sacramento region.• To watch video footage of the Congresswoman•’s remarks from today•’s debate, please click HERE.
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