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in areas at high risk of flooding and that have federally-backed mortgages, carry flood
<br /> insurance; and
<br /> WHEREAS, the United States Congress passed the Biggert-Waters Flood Insurance
<br /> Reform Act of 2012 (BW12), which extended the National Flood Insurance Program for
<br /> five years, set forth significant reforms to the Program, and addressed property damage
<br /> claims as a result of Hurricane Katrina; however, BW12 resulted in inordinate premium
<br /> increases for some property owners; and
<br /> WHEREAS, in 2014, Congress passed the Homeowner Flood Insurance
<br /> Affordability Act (HFIAA) to repeal portions of BW12 and to address the short-comings of
<br /> BW12, but did not correct or adequately address the disparities in burdens imposed upon
<br /> certain policyholders; and •
<br /> WHEREAS, according to recent data, Florida has the highest coverage amount under
<br /> the National Flood Insurance Program (approximately 3 to 10 times more) than other coastal
<br /> states; however, Florida ranks among the states with the lowest payouts in claims since 1978
<br /> ($4,003,070,6164.41)-behind Louisiana ($18,854,167,084.33), Texas ($6,845,524,846.17),
<br /> New Jersey ($5,918,523,671 .47), and New York ($5,300,671,445.45); and
<br /> WHEREAS, due to the exceptional risks to the State of Florida and to the
<br /> property of its residents and businesses as a result of climate change and sea level rise, the
<br /> United States Congress should reform the Federal Flood Insurance Program because, as
<br /> currently structured, the Program allows for the disproportionate distribution of subsidies
<br /> paid by the State of Florida to other parts of the nation and does not focus on preventive hazard
<br /> mitigation but, rather, on funding for after-the-fact disasters; and
<br /> WHEREAS, despite the intent of the HFIAA to reform and improve the NFIP, that
<br /> Program is in debt, and there is low compliance, thus, fewer policies are in place to
<br /> generate revenue from premiums, the premiums do not adequately reflect all of the risk factors
<br /> because they rely on inaccurate and incomplete data regarding, among other things,
<br /> elevations, and the caps on insurance premiums are artificially low; and
<br /> WHEREAS, due to the significant disparity in the amount of federal flood insurance
<br /> premiums paid into the Program by property owners in the State of Florida, relative.to
<br /> actual claims paid and the exceptional risks from climate change and sea level rise in
<br /> Florida that are projected by the scientific community, the Program should not only be
<br /> reformed to address and remedy the aforementioned problems, but the Program should
<br /> also allocate at least 25% of the flood insurance premiums paid in the State of Florida to
<br /> fund resilient infrastructure projects in Florida as preventative flood mitigation measures;
<br /> and
<br /> WHEREAS, further, the NFIP should be amended to provide for the renewal of flood
<br /> insurance policies every four years, with premium payments every six to 12 months, so
<br /> that property owners may secure lower and more predictable rates; and
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