March 18, 2014 9:51 am
Great news for lake homeowners! The battle is won. A cap was placed on gigantic flood insurance premium increases.
See email below broadcast by the Georgia Association of Realtors on March 15.
Late yesterday, the Senate passed the Homeowner Flood Insurance Affordability Act (H.R. 3370) by a vote of 72-22. By passing the measure already approved by the House, the Senate avoided a conference committee and the bill will go to the President for his signature. NAR fully supported swift passage of the legislation.
As passed, the bill repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. Additionally, the bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.
To see NAR President Steve Brown’s statement on passage, visit REALTOR.org: http://bit.ly/ObwaHn
Both Senator Chambliss and Senator Isakson voted yea on the passage of this bill. Thanks to Georgia REALTORS® all across the state who reached out to their Senators on this critical issue!
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