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Homeowner Flood Insurance Affordability Act

US-Senate

Bill Passes by a Wide Margin

By a vote of 72-22 the US Senate voted to approve H.R. 3370 and acted rather quickly to pass the bill that was amended by the House. This bill repeals the Federal Emergency Management Agency’s authority to increase rates at time of sale or when new flood maps come out. It also will refund excess premium to those who bought a property before FEMA gave notice of the rate increase. H.R. 3370 limits premium increases to 18% annually on new properties and 25% on older homes. The bill also adds a small assessment on policies until all policy holders are paying full cost for flood insurance. This bill was signed into law by President Obama on March 21, 2014.

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