The U.S. Senate recently approved bipartisan legislation to curtail flood insurance rate increases that property owners are facing across the country.
The Homeowner Flood Insurance Affordability Act repeals the Federal Emergency Management Agency’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. It also limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones.
Read more Senate Passes Flood Insurance Bill