The Homeowner Flood Insurance Affordability Act (H.R. 3370) with amendments (see previous blog post) has passed …. The House! The Federal Emergency Management Agency (FEMA) will be reined in and held accountable for the Biggert-Waters implementation issues.
This bill will repeal FEMA’s authority to increase premium rates at the time of property transfer or new flood map. REFUNDS will be paid to those who have already paid excessive premium rate insurance payments. Additionally, it will limit any premium increase to 18% annually.
Now, the bill has to go in front of the Senators. The National Association of REALTORS® is pressing for quick passage.
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