On July 15, 2010, the House of Representatives passed H.R. 5114, legislation introduced by Congresswoman Maxine Waters (D-CA) to improve the National Flood Insurance Program (NFIP) and reauthorize the program for 5 years. H.R. 5114 makes additional improvements to the flood insurance program by phasing in actuarial rates for pre-FIRM properties - those built before the effective date of the first Flood Insurance Rate Map (FIRM) for a community. It also raises maximum coverage limits, provides notice to renters about contents insurance and establishes a Flood Insurance Advocate, similar to the Taxpayer Advocate at the Internal Revenue Service. To view this press release, click here.
