President Signs Flood Insurance Bill

Posted byAngie HedgepethPosted inFederal

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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Published by Angie Hedgepeth

Angie Hedgepeth, Government Affairs Director for the Association, attends all the local meetings each month, as well as NAR and NCAR meetings, and keeps members abreast of the multiple issues being addressed in local, state and national government. She prepares reports on the meetings she attends and they are included in the weekly "Government Affairs Update".