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REALTORS applaud Senate passage of amended Flood Insurance Affordability Act

Mar 14, 2014
NAR President Steve Brown praised the U.S. Senate yesterday for taking quick action to pass the House version of the Flood Insurance Affordability Act.The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues.

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. 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. President Obama is expected to sign the bill into law when it arrives at the White House. NAR had urged a swift vote in the Senate.

Click here to read Brown's statement.

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