Posted by: RAPV | March 19, 2014

Congress Passes Bill to Slow Flood Insurance Hikes

NAR-backed legislation that puts the brakes on skyrocketing flood insurance premium hikes passed Congress last week and is expected to be signed by President Obama. The “Homeowner Flood Insurance Affordability Act,” H.R. 3370, generally limits any annual increase to 18 percent on newer homes and 25 percent on some older ones. The bill also charges a temporary assessment to help the Federal Emergency Management Agency (FEMA) improve its financial picture. Summary.

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