REALTORS® Restore Affordable Flood Insurance For Your Clients
The United States Senate has just passed The Homeowner Flood Insurance Affordability Act by a vote of 72-22. The President is expected to sign the legislation. The legislation that passed March 13:
- REPEALS (the original Senate bill only delayed) the property-sales provision in the Biggert Waters law (sec. 205) that has triggered the most excessive and inaccurate premium increases over the past year.
- REFUNDS (the original Senate bill would not refund) excessive premiums to those who have already seen an increase but were not warned by FEMA prior to purchasing the property. (This would apply to ALL purchases of property including purchases of a second home or commercial property).
- RESTORES (the original Senate bill only delayed) the grandfathering of lower rates when new flood maps are issued by repealing Section 207 of the law before any increases can be implemented.