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 FYI: Latest Flood Insurance News

FYIKey House and Senate members have reached a bipartisan deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. The bill would require regulators to address affordability of the coverage before implementing rate hikes.

Rep. Maxine Waters, D-Calif., ranking member of the House Financial Services Committee, announced the bipartisan legislative fix for the National Flood Insurance Program (NFIP) that she said will assure that “changes are implemented affordably.”

Senate and House leaders, who are

involved now in budget talks, have not indicated if or when there might be a vote on any proposals to delay Biggert-Waters.

Waters was a chief architect of the bipartisan Biggert-Waters Flood Insurance Reform Act that ordered an end to many premium subsidies for property owners and a remapping of communities along with other changes that are resulting in many homeowners facing big premium hikes and more property owners being told they must buy flood coverage. In some areas, the premiums hikes are beginning to affect home sales.

The new legislation calls for a four-year delay in most rate increases and requires FEMA, which administers the flood program, to complete an affordability study and propose regulations that address affordability issues.

“Over the past several months, I have felt the harm and heartache that many Americans have already experienced as a result of changes to the National Flood Insurance Program. From the start, I have made clear that I would lead the effort to fix the unintended consequences of the Biggert-Waters Flood Insurance Reform Act,” said Waters in a statement released by her office announcing the deal.

She said the legislation will be released this week in the House and Senate. It will impose a delay likely to total four years for the most vulnerable properties, by delaying implementation of rate increases until two years after FEMA completes an affordability study, which was mandated in Biggert-Waters but not undertaken.

In addition, the legislation requires FEMA to propose regulations that address the affordability issues within 18 months after the completion of the study and establishes a six month moratorium thereafter to provide for Congressional review.

The proposed delay applies to: primary, non-repetitive loss residences that are currently grandfathered; all properties sold after July 6, 2012; and all properties that purchased a new policy after July 6, 2012.


Posted On Tuesday, November 12, 2013


 
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