News from the capitol on flood insurance: A bipartisan group of legislators from the U.S. House and Senate reached an agreement yesterday to delay flood insurance rate increases for at least four years for millions of homeowners throughout the nation. The proposed agreement would delay the rate hikes for four years and require the Federal Emergency Management Agency (FEMA) to complete an affordability study before increasing any flood insurance premiums in the futures. “The bipartisan ‘Homeowner Flood Insurance Affordability Act’ introduced will help millions of homeowners who are facing sudden and extreme increases in flood insurance premiums, which are an unintended consequence of legislation to reform the National Flood Insurance Program. The bill takes the crucial first step toward delaying further implementation of some rate increases in Biggert-Waters Flood Insurance Reform Act of 2012.” – Gary Thomas, National Association of REALTORS®, 2013 President While this is a step in the right direction, delays in flood insurance premium increases are not effective until legislation receives Congressional approval and is enacted into law.
Posted on: Wed, 30 Oct 2013 18:07:54 +0000
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