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