Flood Insurance Must Protect Homeowners and Taxpayers Alike, says Hultgren

“Let’s use better technology to improve accuracy of flood plain data”

Washington, DC –- (RealEstateRama) — U.S. Representative Randy Hultgren (IL-14) urged reforms to the National Flood Insurance Program (NFIP) to ensure taxpayers are shielded from unnecessary risk at a hearing today on “Flood Insurance Reform: A Taxpayer’s Perspective.” Many Illinois homeowners and businesses rely on NFIP to protect themselves from disaster after a flood, so the program must be changed so it benefits those who need it most. Reliable data and accurate mapping are essential to reflect the risks to communities located on flood plains.

Excerpts from Rep. Hultgren’s remarks include:

“Many of my constituents live in flood plain areas along the Fox River or in the lake country in the northern counties of Illinois…What’s important is that all of my constituents, whether they live in a high risk area or not, understand the risks to their property, and that they are empowered to make responsible decisions about how to manage this risk.

“I remain eager to hear ideas about how to reform our broken flood insurance program: $25 billion of debt, and growing, is not just unsustainable; it is irresponsible government; and it is unfair to taxpayers. We also have to make sure flood insurance remains available to those who need it and choose to use it responsibly.

“One of the most fundamental aspects of the NFIP, and all flood insurance, is reliable data and accurate mapping…Despite dramatic developments in flood modeling and mapping technologies, the average map is 35 years old, according to the Association of State Floodplain Managers. How can the entire flood insurance system (private and non-private entities) better utilize the available technology?”

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