MI HR0246

Requests Congress renew full federal support for the National Flood Insurance Program to provide affordable flood insurance for residential and business properties in mapped floodplains

Opposes premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014, which allow increases up to 18 percent annually for primary residences and 25 percent for business properties, second homes, and rental properties

Argues that substantial rate increases cause economic hardship and may force property owners to sell homes or businesses at losses, particularly when flood risk increases result from development outside the floodplain over which owners have no control

Calls for federal policy that balances actuarially sound insurance rates with fairness to homeowners and businesses who lack ability to absorb higher premium costs and did not create the program's original fiscal problems

Directs transmission of the resolution to the President of the Senate, Speaker of the House, and Michigan's congressional delegation