A bipartisan effort led by U.S. Representative Vicente Gonzalez, D-Brownsville, and U.S. Representative Nick LaLota, a New York Republican, has resulted in the introduction of the Increased Cost of Compliance Modernization Act. This bill aims to reduce flood insurance costs, enhance coverage for homeowners and property owners in high-risk flood areas, and make improvements to the National Flood Insurance Program.
In a press release, Representative Gonzalez highlighted the familiarity of South Texans with the devastating impact of severe flooding, leading to significant repair expenses for homes and businesses. He emphasized the necessity for the federal government to adjust the coverage cap of the Increased Cost of Compliance (ICC) to align with the contemporary costs of repairing homes damaged by floods. The proposed bipartisan bill seeks to offer greater peace of mind and economic relief to those who have experienced natural disasters, alleviating concerns about shelter when faced with another storm.
Representative LaLota, speaking on behalf of Long Islanders, acknowledged their enduring experience with flooding and the National Flood Insurance Program over the decades. He expressed resilience among the community and emphasized that the Increased Cost of Compliance Modernization Act would enhance protection against flood damage while also yielding significant cost savings for taxpayers. Highlighting the legislation’s critical role in addressing the growing need for improved flood risk management on Long Island, Representative LaLota stated that the bipartisan bill empowers communities by providing increased funding for flood mitigation measures. This proactive approach aims to better prepare and respond to flood disasters, ultimately strengthening the overall resilience of communities.