Bipartisan Bill Would Boost Flood Mitigation
U.S. Rep. Charlie Crist (D-Fla.) introduced a bipartisan bill, the State Flood Mitigation Revolving Fund Act of 2019, to reduce flood insurance premiums by creating a low-interest loan program to help property owners better flood-proof their homes and businesses, protecting property and ultimately reducing post-disaster claims and recovery costs. The bill would establish a state revolving loan program and allow states to offer low-interest loans to National Flood Insurance Program (NFIP) participants for flood mitigation projects to better protect their properties, reducing post-disaster claims.
For those participating in the program, the Federal Emergency Management Agency would offer NFIP premium reductions in line with mitigation efforts taken. Hazard mitigation has proven to be cost effective, with a 2018 report by the National Institute of Building Sciences finding that for every dollar spent on hazard mitigation, the nation saves $6 in post-disaster costs.