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President Bush Signs Into Law Flood Insurance - NAMIC Applauds Enactment

WASHINGTON (June 30, 2004)- This afternoon, President Bush signed into law S. 2238, The Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004. S. 2238 reauthorizes the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA), through 2008.

"NAMIC applauds President Bush for signing this bill into law as it was due to expire today," said David A. Winston, NAMIC federal affairs senior vice president. "We also want to commend Sen. Bunning, R-Ky., and Reps. Bereuter, R-Neb., and Blumenauer, D-Ore., for their bipartisan efforts in sponsoring this important piece of legislation," said Winston.

Congress created the NFIP in 1968 to address the increasing costs of taxpayer funded disaster relief for flood victims and the increasing amount of damage caused by floods. Prior to this time, many homeowners were unable to insure against flood losses because private insurers did not offer such coverage. However, in recent years, there has been more awareness of the problem of providing continuing assistance to repetitive loss properties.

"These reforms will help FEMA reduce the amount of money spent on frequently flooded properties," said Winston. "NAMIC believes that it is entirely reasonable to require homeowners who live in flood-prone areas to take advantage of mitigation measures offered by FEMA as a condition of receiving future disaster relief," said Winston.

The Act passed the House on June 21, under suspension of the rules by voice vote. Just one week earlier, the Senate by unanimous consent, passed S. 2238.

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For further information contact:
Robert Detlefsen at rdetlefsen@namic.org
or (317) 875-5250