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FLOOD INSURANCE Update - Biggert-Waters Bill Awaits Approval
Flood Insurance Legislative Updates
Major Elements of the Homeowner Flood Insurance Affordability Act of 2014 includes:
- Preventing FEMA from raising average rates above 15% for a class of properties and above 18% on individual policies per year.
- Rescinding provisions in BW12 requiring individuals to pay the full-risk rate for Pre-FIRM properties at the time of purchase.
- Rescinding provisions in BW12 requiring Pre-FIRM property owners to pay the full-risk rate if they voluntarily purchase a new policy.
- Rescinding provisions in BW12 terminating grandfathering.
- Requiring FEMA to refund policyholders for 'overpaid' premiums.
At this point in time, industry analysts believe it will take FEMA a minimum of 12-18 months to implement the changes called for in the Grimm-Waters Bill and to begin issuing any refund checks.
