Earlier today, the Senate passed the Homeowner Flood Insurance Affordability Act of 2013 (HR 3370), by a 72-22 vote.  In response, Congressman Chris Smith (NJ-04), a cosponsor of HR 3370 who represents severely damaged areas in southern Monmouth and northern Ocean Counties, issued the following statement:

    “The Homeowner Flood Insurance Affordability Act—which now moves to the President’s desk—provides critical and necessary relief from rate hikes by phasing in rate changes for current policy holders, and also enables the transfer of consistent insurance rates when homeowners sell their properties,” Smith said. “The bill, which I cosponsored here in the House, also helps address the unique situation of homeowners in effected shore towns such as Brielle, who would have otherwise been forced to incur huge, out-of-pocket costs to fill in their basements or face massive premium hike increases.”
 
    This legislation passed the House of Representatives last week with strong bipartisan support in a 306-91 vote.  Read Smith’s statement from the floor debate here.