Senator Gene Yaw (Pa): "Biggert-Waters could be disastrous..." for homeowners

BY FEED: SENATOR GENE YAW NEWS UPDATES 

IN

• GOVERNMENT

JANUARY 9, 2014

HARRISBURG – With flood insurance premiums on the rise following passage of the federal Biggert-Waters Flood Insurance Reform Act of 2012, state Senator Gene Yaw has said that the proposed changes could be disastrous for home and property owners throughout Bradford, Lycoming, Sullivan, Susquehanna and Union counties.

“Homeowners throughout my Senate District have or will soon see their flood insurance bills skyrocket to unprecedented levels,” Yaw said.  “My constituents deserve an alternative to these drastic rate increases and should not be forced from their homes because they cannot afford to pay these new mandatory rates.”

In 2012, the US Congress passed Biggert-Waters Flood Insurance Reform Act 2012 (BW-12).  This legislation includes significant changes to the National Flood Insurance Program (NFIP), which affect property owners throughout Northeastern and Central Pennsylvania.  The intention of the act is to make the National Flood Insurance Program self-sufficient and move all policies to their full actuarial rates.

At the Senator’s request, the Pennsylvania Senate Banking & Insurance Committee and the Senate Majority Policy Committee, of which Yaw is a member, will hold a joint public hearing to discuss recent changes to the NFIP and the impact on Pennsylvanians.

The hearing has been scheduled for Tuesday, January 28, 2014 at 9:30AM in Hearing Room 1 of the North Office Building, Harrisburg, PA 17120.

“Even though I am aware that this is a federal issue, I am requesting a public hearing of the Senate Majority Policy & Banking and Insurance Committees to assess the implications for residents throughout Northeastern and Central Pennsylvania, as this region will be heavily impacted.  I believe we must weigh all options available on the state level to protect our residents locally.”