"By providing measurable premium increases, the legislation will prevent home values from dropping, and it will make the National Flood Insurance Program more effective," he added.
Kelly said the bill would return the substantial improvement threshold that triggers a higher flood insurance rate to the historic 50% level of a structure's fair market value.
"This is critical to the health of the remodeling industry and could preserve as much as $8.5 billion in annual economic remodeling activity," Kelley said. "And in 53 communities nationwide, it reinstates an exemption for basements that are built in a flood-proof manner.
"The Homeowner Flood Insurance Affordability Act will prevent undue hardship in the recovering housing market," he added. "We urge the House to act promptly on this bill."
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