U.S Rep. Mark Sanford of South Carolina spoke to WTOC abouthis vote in favor of H.R. 3370, the Homeowner Flood Insurance Affordability Actwith an amendment.
Sanford co-sponsored the bill because he said it fixes manyof the unintended consequences of the Bigger Waters Act.
This new bill will give people a reasonable amount of timeto respond and plan for upcoming policy and price changes.
"I think the reason I heard so much about from peopleat home was that they couldn't predict what would the insurance premiums benext week, next month, or next year, and as a consequence, maybe they couldn'tsell their house, maybe they couldn't buy a house, or maybe they couldn't beginconstruction or remodeling a house," said Sanford. "So, it's just had a lot ofpeople frozen up and, you know, I think most people said 'look, I can deal withalmost anything, but give me something that I can count on', but what theycouldn't count on was what was coming next with regards to insurance premiumswith bigger waters and again that's why this bill comes up today."
Rep. Sanford said the problems this billaddresses may not be solved overnight, but it is a step in the right directionfor both policy holders and taxpayers.
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