House Approves Flood Insurance Bill

Posted on: March 7th, 2014 by NADO Admin

This week, the House approved the Homeowner Flood Insurance Affordability Act (H.R. 3370) by a vote of 306 to 91.  This legislation reverses some of the changes to the National Flood Insurance Program enacted by Congress through the Flood Insurance Reform Act of 2012 which ended or rolled back subsidies for over a million insurance policies in flood zones.  Following enactment of the 2012 bill, many policy owners saw hefty increases in their premiums.  The Senate approved its version of flood insurance reform legislation (S. 1926) in January by a vote of 67 to 32.  The two versions have some key differences: the Senate bill would delay most reforms of the 2012 bill and premium increases for four years while the House bill would provide retroactive refunds for people who have had large flood insurance rate increases due to the sale or purchase of a home, cap average annual increases at 15 to 18 percent, and allow subsidies for insurance rates that are based on current flood maps. The Senate is expected to accept the House bill as a compromise measure and hold a vote in the next few weeks.

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