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Today Congressman David Scott (GA-13) and Congressman Sean Duffy (R-WI) introduced H.R.3146, the Fair Flood Insurance Act, to improve flood insurance affordability by allowing consumers the option of paying flood insurance premiums in monthly installments, rather than as a large lump sum.

For Americans burdened by costly premiums, the option to make regular monthly payments can provide much-needed affordability and flexibility to protect their homes and families.  This commonsense solution provides relief to homeowners and renters living in high risk flood zones, ensuring they can make ends meet to keep a roof over their heads. 

“My legislation is designed to ease the financial barriers many homeowners face when purchasing necessary flood insurance to protect their homes,” said Congressman Scott.  “In recent years, my constituents in Georgia, as well as Americans across the country, have been hit hard by major flood events that have uprooted their lives and livelihoods.  While we don’t know when the next storm will hit, we must ensure that homeowners and renters do not drown in the financial aftermath.  The Fair Flood Insurance Act will make insurance more affordable and financially empower consumers to protect their homes and families.”

As a Senior Member of the House Financial Services Committee, Congressman David Scott has long been an advocate for affordability in the flood insurance market, pushing for similar provisions to be included as part of reauthorization of the National Flood Insurance Program in 2010 and 2012.