New flood insurance bill passed

A new flood insurance bill passed by Congress and just recently signed into law by Obama to keep flood insurance premiums from not rising more than 18%. The new law sets aside significant changes Congress made in the flood insurance program back in 2012, those changes caused premiums to rise for homeowners, in some cases by tens of thousands of dollars a year.

This bill also reinstated a prior FEMA policy that let homeowners who pay lower "grandfathered" flood insurance rates to pass those rates along when they sold their homes, meaning buyers had to pay flood insurance premiums so high that it was making it hard  for sellers to sell their homes in some areas.Flood maps are always changing, to know where your community stands, or if FEMA has changes in the works go to http://https//www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/mapScheduleSearch.action;jsessionid...
Homeowners who had increased premiums after the 2012 bill will get refunds, homeowners who faced higher premiums because of flood map changes will have their premiums limited to 18 percent annual increases.

Some homeowners  in the flood zone without any flooding issues are required to have federal flood insurance,  have seen their premiums jump.  A new law approved this month limits the size of annual increases.