The Homeowner Flood Insurance Affordability Act of 2014
Yesterday was the first day of the 2014 Florida Legislative Session in Tallahassee. It was a busy day where we saw the US House of Representatives pass H.R. 3370, “The Homeowner Flood Insurance Affordability Act” which is expected to go straight to the Senate. If the bill passes the Senate it will then be sent to President Obama for his signature.
The Homeowner Flood Insurance Affordability Act of 2014 would delay the increases to flood insurance that were a part of the Biggert-Waters Flood Insurance Reform Act of 2012. This Act was meant to require flood premiums to reflect the actual real risk of flooding, which is what led to increases in flood insurance premiums. The NFIP (National Flood Insurance Program) is currently in debt to the tune of $24 billion and taxpayers would be forced to pay for any additional payouts until the debt situation is resolved.
If the bill is passed and the delay in premium increases is granted, FEMA (Federal Emergency Management Agency) will be tasked with coming up with a plan to make premiums more affordable as well as reassess its maps of areas that require flood insurance. Stay tuned for when the US Senate will take up this bill and please feel free to call Dustin at 239-289-2650 for further questions.
If you are thinking of selling your home or you would like a personalize market analysis of your residence contact Dustin at 239-289-2650 and find out what he’s doing to help clients sell their home faster and closer to list price than anyone else! If you are a buyer, let Dustin add value to your purchase by helping you find the right home, negotiating the best price and using his resources to make the entire transaction smooth and enjoyable.