[Congressional Record Volume 160, Number 37 (Wednesday, March 5, 2014)]
[Extensions of Remarks]
[Pages E306-E307]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          HOMEOWNER FLOOD INSURANCE AFFORDABILITY ACT OF 2014

                                 ______
                                 

                               speech of

                        HON. BLAINE LUETKEMEYER

                              of missouri

                    in the house of representatives

                         Tuesday, March 4, 2014

  Mr. LUETKEMEYER. Mr. Speaker, I rise today to address some of the 
many lingering issues surrounding the National Flood Insurance Program 
(NFIP).
   The bill passed by the House yesterday will help a significant 
number of Missourians who have been saddled with inconceivable rate 
increases, who cannot sell their property, and who run the risk of 
losing their homes. I have heard from one constituent in particular who 
told of an unexpected premium increase that jumped from under $1,800 to 
more than $11,000, a cost difference that she and her husband will have 
difficulty meeting. It is my sincere hope that this legislation helps 
to address these issues.
   While I supported H.R. 3370, I regret that the bill presented no 
opportunities for an increased presence for the private insurance 
market. One of the primary public policy goals associated with NFIP has 
been to spur private insurers to enter the flood insurance space. As 
long as NFIP generously subsidizes risk, however, the private market 
will remain a secondary player in the program. We must create a program 
that becomes, over time, actuarially-sound and creates a greater role 
for the private sector while reducing the government's role.
   Yesterday the House took a step towards ensuring that our 
constituents are not saddled

[[Page E307]]

with impossible premium increases, but our work on this issue is far 
from done. More must be done to reign in FEMA, create more 
accountability in NFIP, and ensure the program is on sound footing. We 
must also demand more accountability from FEMA and NFIP and work to 
ensure that flood maps are accurate and not overly encompassing.
   If NFIP has taught us anything, it is that Federal government should 
not be involved in the insurance industry. Many living in Missouri's 
Third Congressional District are in desperate need of relief, and NFIP 
is in desperate need of reform. Private insurance companies have a role 
to play, and the program should be changed to allow the private market 
to participate. I will continue to work to make the program 
sustainable, reliable and more functional than it is today, and hope 
that my colleagues will join me in the effort to increase the private 
sector role in flood insurance.

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