U.S. Bill Could Allow Monthly Flood Insurance Payments
A bill to improve flood insurance affordability has been introduced in Congress by Congressmen David Scott and Sean Duffy, of Georgia and Wisconsin, respectively. H.R. 3146, or the Fair Flood Insurance Act, would provide consumers with the option to pay flood insurance premiums monthly instead of as a single large payment.
Scott and Duffy both serve as members of the House Financial Services Committee, which has jurisdiction over insurance matters. The bill was first introduced on June 5, 2019, and has not yet been considered by committee, nor the House or Senate as a whole.
“My legislation is designed to ease the financial barriers many homeowners face when purchasing necessary flood insurance to protect their homes,” Scott said. “While we don’t know when the next storm will hit, we must ensure that homeowners and renters do not drown in the financial aftermath. The Fair Flood Insurance Act will make insurance more affordable and financially empower consumers to protect their homes and families.”