Coalition for Sustainable Flood Insurance Commends President Obama for Signing Flood Insurance Measure into Law
New Orleans, LA – Today, Greater New Orleans, Inc. President and CEO Michael Hecht, on behalf of the Coalition for Sustainable Flood Insurance, commended the President for signing H.R. 3370, the Homeowner Flood Insurance Affordability Act into law.
“The President’s signature of H.R. 3370 is a monumental victory for hard-working Americans across the country,” said Michael Hecht, President and CEO of Greater New Orleans, Inc. on behalf of the Coalition for Sustainable Flood Insurance. “This law protects homeowners who played by the rules and keeps real estate markets alive while putting the NFIP on a more realistic path to solvency. We thank the President for signing this legislation into law and our Congressional delegation for their tireless leadership on this issue. We look forward to formalizing our coalition to ensure efficient implementation and a successful reauthorization in 2017.”
The law includes proposals originally suggested by the Coalition, including the reinstatement of grandfathering and capping premiums at one percent of the real estate policy value. The legislation also removes the property sales trigger, caps annual rate increases at 15 percent, and refunds policyholders who purchased homes and were subsequently charged higher rates.
Since May 2013, GNO, Inc. has led national coalition of business and elected leaders, now including over 200 business, trade associations and local governments in 34 states, in order to address harmful changes to the NFIP. As founders of this Coalition for Sustainable Flood Insurance (CSFI), GNO, Inc. works to align national business interests for the good of their local communities and the national economy.