Reps. Peters, Barr Introduce Bipartisan Bill to Incentivize Smarter Development After Natural Disaster Floods – InsuranceNewsNet

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WASHINGTON, Oct. 17 — Rep. Scott Peters, D-California, issued the following news release on Oct. 16:

Today, Rep. Scott Peters (CA-52) and Rep. Andy Barr (KY-06) introduced the bipartisan Build for Future Disasters Act to end the costly system of building, flooding and rebuilding perpetuated by the National Flood Insurance Program (NFIP).

The Build for Future Disasters Act would end NFIP subsidies for newly constructed properties in areas vulnerable to flooding. Newly constructed properties built during 2025 or later would be subject to rates that reflect up-to-date flood risk information and will not later qualify for a subsidy, and structures built before 2025 in flood zones or that are re-mapped into flood zones would still be eligible for grandfathering subsidies. The bill also requires the U.S. Government Accountability Office to study the feasibility and implications of lowering…

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