Zeldin Introduces Bill To Lower Insurance Premiums For Flood Insurance Holders - 27 East

Real Estate News

Real Estate News / 1400295

Zeldin Introduces Bill To Lower Insurance Premiums For Flood Insurance Holders

authorJoseph Shaw, Executive Editor on Jun 15, 2017

U.S. Representative Lee Zeldin of Shirley has introduced the NFIP Policyholder Protection Act, a federal bill that, if passed, would grant premium reductions to National Flood Insurance Program (NFIP) policyholders who enact flood mitigation activities.

Mitigation efforts include elevating one’s home, adding porous foundations and moving boilers to the second floor of a house. The bill would reward such actions with a lowered insurance premium.

Currently, FEMA offers the Flood Mitigation Assistance Grant Program, which allocates grant funds to individual states. States disburse such funds to local governments, state agencies and private nonprofits who subsequently give money to individuals.

Mr. Zeldin, a member of the House Financial Services Committee and Housing and Insurance Subcommittee, hopes to “protect homeowners’ access to affordable insurance, and improve the way claims are processed so that policyholders aren’t stuck dealing with bureaucracy and red tape after their property is damaged by a flood,” as stated in a press release.

The bill also proposes to cap the maximum premium that the Federal Emergency Management Agency can charge a homeowner at $10,000 per year.

“Passage of this bill is critical to protect homeowners on Long Island and across the country,” Mr. Zeldin said. “I look forward to getting this bill across the finish line.”

You May Also Like:

Water Mill Property Where Hal Buckner and Dorothy Lichtenstein Left Their Marks Is for Sale

A Water Mill property that hosts a former dairy barn turned artist’s studio and a ... 30 Jun 2025 by Brendan J. O’Reilly

Sundays on the Bay Hits the Market

Sundays on the Bay restaurant and marina on Dune Road in Hampton Bays has hit ... 29 Jun 2025 by Staff Writer

Hamptons Rental Market Remains Alive and Well

To paraphrase Mark Twain, reports of the demise of the Hamptons summer-rental market are greatly exaggerated. “Any hint that the Hamptons rental market is anything but robust is completely wrong,” said Corcoran associate broker Gary DePersia in East Hampton. An interesting dynamic is stirring in the Hamptons vacation-rental market. Although there has been an unprecedented rise in short-term rentals and the aftershocks of the COVID-19 pandemic linger, it has been a bumper crop year for Wall Street, interest rates have remained steady and a new breed of demanding customer is emerging. Despite it all, the Hamptons vacation-rental market remains as ... 19 Jun 2025 by Joseph Finora

Jon Vaccari Joins Noble Black & Partners at Douglas Elliman

Jon Vaccari, a longtime resident of Sag Harbor, has joined Noble Black & Partners at ... 18 Jun 2025 by Staff Writer

Appeals Court Sides With Landowner Over Southampton Village ZBA

Southampton Village has lost an appeal that sought to reinstate a Zoning Board of Appeals ... 12 Jun 2025 by Brendan J. O’Reilly

Last Parcel of Startop Ranch in Montauk Sells

The last plot of land at Startop Ranch in Montauk, 107 Startop Drive, has sold ... by Staff Writer

Hamptons Real Estate Roundtable, Memorial Day Weekend 2025 Edition

With Memorial Day weekend about to kick the Hamptons into high season, The Express News ... 22 May 2025 by Moderated by Brendan J. O’Reilly

Au-Delà Real Estate Vows To Go 'Beyond'

Au-Delà Real Estate, a new boutique real estate firm based in East Hampton, is now ... 20 May 2025 by Brendan J. O’Reilly

AI Helps Rental Seekers Find Homes That Match Their Aesthetic Preferences

Consumers increasingly have an expectation of superior, more personalized service based on their own particular ... by Steven Loeb

New Construction in Montauk Sells for a Nonwaterfront Record Price

A newly constructed modern home in Montauk just set a record for the highest price ... 9 May 2025 by Staff Writer