WASHINGTON — A U.S. House of Representatives committee has passed seven bills in the past week related to improving the National Flood Insurance Program.
The program provides flood insurance to property owners and encourages the development of community floodplain management regulations. Around 5.1 million people nationwide are residential or commercial policyholders, including 18,000 West Virginians.
The House Financial Services Committee advanced five pieces of legislation Wednesday to reform the program, which is set to expire September 30. Some of the reforms include changes to protect taxpayers from program fraud and additional efforts to ensure community accountability.
Rep. Alex Mooney, R-W.Va., who serves on the committee, said he was pleased about the passed bills.
“The NFIP currently runs an annual deficit of $1.4 billion and is $24 billion dollars in the red to taxpayers,” Mooney said in a statement. “In its current form, it is not sustainable and taxpayers are on the hook. Furthermore, the current program encourages building in high-risk flood areas that put homeowners in danger.”
One bill that Mooney praised in his statement was the 21st Century Flood Reform Act, which was passed by the commission June 15. The legislation would aim to enhance flood estimates through improved technology mapping. Program data regarding flood risk would also be more accessible to the public.
Mooney said the June 2016 flood shows how important flood insurance is for West Virginia, and he would continue working to make flood insurance available.
The committee also passed the National Flood Insurance Program Policyholder Protection Act at its meeting last week. The legislation would require FEMA to analyze flood insurance coverage for urban areas.