House Flood Insurance Bill Is Expected to Ease Premium Increases
The House of Representatives are reviewing the Flood Insurance Legislation this week and there are signs that reforms might be passed before the middle of March. The proposed legislation has bi-partisan support with 177 Democrats and 58 Republicans co-sponsoring the Homeowner Flood Insurance Affordability Act of 2014.
It is being reported that the following legislation is included in the house bill:
- The house bill as amended would repeal Section 207 "Grandfather Provisioned" properties of the Biggert-Waters Act. The Senate bill that was passed was only a four-year delay of Section 207.
- Property owners that saw their rates increase after the Bigger-Waters Act went into affect would be provided a retroactive refund.
- Currently FEMA uses it's own discretion in the flood insurance rate increases,hence the drastic rate increases for property owners. The House bill would cap the annual rate increase at 15%, with a minimum of 5% rate increase for homes that need to reach their actuarial rate.
- In order to make the NFIP solvent, the House version would charge NFIP policy holders a $250 annual assessment fee for second-homes and commercial properties. A $25-$50 annual assessment fee would be charged for a primary home policy.
- Just like the Senate bill, the House bill does not cover repetitive damaged properties.
Contact your local Representative to thank them for their leadership
and urge them to vote YES on H.R. 3370!
Have Biggert-Waters Flood Insurance Reform Act questions?
Looking for private flood insurance for your coastal property?
727-289-7219 local
No comments:
Post a Comment