WeVote
Log In

Bill

Bill

A 2056

Relates to flood insurance limits

2025 Regular Session Introduced by Pamela Hunter and 2 co-sponsors

Bill A 2056 raises flood insurance coverage limits, enhancing affordability for homeowners in flood-prone areas, ensuring better financial protection against flood damage.

SIGNED CHAP.64
0
WeVote Research Nonpartisan
Bill Summary · A 2056

Summary of Bill A 2056: Flood Insurance Limits

Bill Overview

  • Bill Number: A 2056
  • Title: Relates to flood insurance limits
  • Status: Signed into law as Chapter 64
  • Introduced: January 14, 2025

Purpose and Intent

Bill A 2056 aims to amend existing regulations regarding flood insurance limits. The primary intent of the bill is to enhance the accessibility and affordability of flood insurance for property owners, particularly in flood-prone areas. By adjusting the limits on flood insurance coverage, the bill seeks to provide better financial protection for homeowners and businesses against flood-related damages.

Key Provisions

  • Increased Coverage Limits: The bill proposes to raise the maximum coverage limits for flood insurance policies. This adjustment is intended to reflect the rising costs of property repairs and rebuilding in the aftermath of flooding events.
  • Eligibility Criteria: The bill outlines specific eligibility criteria for property owners to qualify for the increased coverage limits, ensuring that those most at risk of flooding can benefit from enhanced insurance options.
  • Implementation Timeline: The provisions of the bill will take effect immediately upon signing, allowing for prompt adjustments to flood insurance policies.

Affected Parties

  • Homeowners and Businesses: Property owners in flood-prone areas will be the primary beneficiaries of the increased insurance limits, providing them with greater financial security.
  • Insurance Providers: Insurance companies will need to adjust their policies and pricing structures in response to the new coverage limits, which may impact their operations and risk assessments.
  • Local Governments: Municipalities may see changes in flood management strategies and disaster response planning as a result of increased insurance coverage among residents.

Legislative Timeline

  • January 14, 2025: Bill introduced and referred to the Judiciary Committee.
  • January 22, 2025: Reported out of committee and ordered to third reading.
  • February 3, 2025: Passed by the Assembly and delivered to the Senate.
  • February 11, 2025: Passed by the Senate, substituted for companion bill S 2670, and returned to the Assembly.
  • February 12, 2025: Delivered to the Governor.
  • February 14, 2025: Signed into law as Chapter 64.

Related Legislation

  • S 2670: This bill serves as a companion to A 2056, likely addressing similar issues regarding flood insurance limits and providing a legislative framework for the proposed changes.

Conclusion

Bill A 2056 represents a significant step towards improving flood insurance coverage for property owners in vulnerable areas. By increasing coverage limits, the bill aims to provide essential financial protection against the devastating impacts of flooding, thereby enhancing community resilience and recovery efforts.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.