Flood Insuarnce Update
Sunday, March 9, 2014
The house just voted on a bill 306-91 to approve the Homeowner Flood Insurance Affordability Act with amendments.
The bill would repeal FEMA's ability to raise rates and use new flood maps. It will also cap rates at a max 18% per year. Refunds would be given to flood insurers who were unaware of the new increases without warning. The Senate must pass the amendment before the bill would become law.
Read the Homeowner's Flood Insurance Affordability Act Fact Sheet from NAR This will get you up to speed on what this act means to anyone in a flood area.
