Obama Signs Flood Insurance Relief Into Law
President Barack Obama signed into law a bipartisan bill that will
delay flood insurance rate hikes for property owners nationwide.
The Homeowner Flood Insurance Affordability Act repeals the Federal
Emergency Management Agency’s authority to increase premium rates when a
property is sold. It also 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 percent annually on newer properties and
25 percent for some older ones. The senate approved the bill on March
13, and the House of Representatives March 4.
“Today, many months of hard work, negotiation and bipartisan
compromise have culminated in a law that will end skyrocketing flood
insurance costs for hundreds of thousands of home owners,” says U.S.
Rep. Maxine Waters, D-Calif. “Though the measure isn’t perfect, it
ensures there will be no more dramatic rate increases for families
currently facing unaffordable premiums.”
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