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Bipartisan legislation introduced to delay flood insurance rate increases

Oct 31, 2013
The bipartisan “Homeowner Flood Insurance Affordability Act” was recently introduced in the U.S. Senate with the intent of helping millions of homeowners who are facing sudden extreme increases in flood insurance premiums. The large rate hikes are an unintended consequence of legislation to reform the National Flood Insurance Program. 

The bill takes the crucial first step toward delaying further implementation of some rate increases in the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). This will allow the Federal Emergency Management Agency to complete an affordability study that was mandated by BW-12, propose targeted regulations to address any affordability issues found in the study, and give Congress adequate time to review those regulations.

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