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HARLINGEN — U.S. Rep. Vicente Gonzalez, D-Brownsville, and U.S. Rep. and Nick LaLota, a New York Republican, are introducing the Increased Cost of Compliance Modernization Act, a bipartisan bill aimed at lowering costs while increasing coverage for homeowners and property owners in high-risk flood areas and improving the National Flood Insurance Program.
“South Texans are no stranger to the impact of severe flooding and often face devastating repair expenses for their homes and businesses,” Gonzalez said in a press release. “As prices increase and flooding becomes more prevalent in our region, the federal government must take steps to ensure that the ICC’s coverage cap keeps up with the modern cost of home repairs caused by flood damage. My bipartisan bill will provide greater peace of mind and economic relief to folks who have already suffered through a natural disaster, so they don’t have to worry about the roof over their head when another storm hits.”
“Long Islanders have dealt with flooding and the NFIP for decades,” LaLota said. “We’re resilient people and my Increased Cost of Compliance Modernization Act will ensure our communities are better protected against flood damage while saving taxpayers millions. This is a critical piece of legislation that addresses the growing need for improved flood risk management on Long Island. By providing increased funding for flood mitigation measures, my bipartisan bill empowers communities to better prepare for and respond to flood disasters.”
“The Increased Cost of Compliance Modernization Act takes an important step in allowing property owners to recover after a flood event,” Chad Berginnis, executive director of the Association of State Floodplain Managers, said. “An increase in ICC limits is desperately needed since it was last adjusted in 2003. Also, by allowing property owners the ability to buy additional coverage and removing ICC from the limit of applicable coverage, homeowners are able to utilize the full benefits provided in their flood insurance policy to address flood recovery.”
“On behalf of 1.5 million members of the National Association of Realtors, thank you for re-introducing the Increased Cost of Compliance Modernization Act of 2023,” Tracy Kasper, president of the National Association of Realtors, said. “This bill would modernize ICC by raising the limit, adding an additional coverage option, and no longer be counted toward NFIP’s coverage limit so that policyholders will not have to choose between essential home repairs and mitigation improvements. NAR supports this important measure to modernize flood risk mitigation coverage and we look forward to working with Congress as the bill is considered as part of a broader NFIP re-authorization bill in the coming weeks.”