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U.S. Senate approves curbs to flood insurance rate hikes

March 26, 2014 By Michael Stuart

InnovationsThe 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

Filed Under: Insurance

About Michael Stuart

Mike's experience in the technology industry is quite extensive, serving both as a designer of complex enterprise applications and as a corporate executive. In his previous life, Mike was founder and CEO of AssetWorks Inc. the industry leader in facility management solutions. Currently living on the Texas coast helping with digital strategies using Amplified Content Marketing.

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