President Signs Flood Insurance Bill

On Friday, March 21, President Obama signed into law the new flood insurance bill, the “Homeowner Insurance Affordability Act.”

 

Details:

  • grandfathering provision – homes that were complying with previous flood maps will not see large increases when new maps show a greater risk of flooding
  • no individual policyholder would pay an increase of more than 18% per year and 25% for older properties
  • ends rate increases when a home changes ownership
  • provides refunds of premiums due to the Biggert-Waters reform act in 2012
  • FEMA (Federal Emergency Management Agency) must allow input from communities while the new maps are rewritten

Below is a link to the National Association of REALTORS® briefing.

http://www.ksefocus.com/billdatabase/clientfiles/172/4/1983.pdf

 

 

 

 

 

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