You are here: Home Member Services News News Homeowner Flood Insurance Affordability Bill Signed into Law

Homeowner Flood Insurance Affordability Bill Signed into Law

ObamaSigning WhiteHouseFlickr160x160
Presiden Obama signs a bill
into law in the Oval Office
courtesy: White House Flickr
Account
President Obama signed the "Homeowner Flood Insurance Affordability Act" into law on Friday, March 21, 2014. This repeals FEMA's authority to increase premium rates at time of sale or new flood map and refunds excessive premium to those who bought a property before FEMA warned them of the rate increase. Premium increases will be limited to 18% annually on newer properties and 25% on older properties. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.

National Association of Realtors® (NAR) has provided a section-by-section analysis of the "Homeowner Flood Insurance Affordability Act".

You are here: Home Member Services News News Homeowner Flood Insurance Affordability Bill Signed into Law