The Senate passed a bill to delay flood insurance hikes. This is a huge relief to hundreds of thousands of homeowners in coastal andflood-zone areas who were looking at drastically higher flood insurance premiums. Angry constituents inundated Capital Hill with complaints.
The vote was 67-32 which shows that Capital Hill is listening to the widespread alarm which occurred when changes were made to shore up the program’s finances resulting in astronomically high, unaffordable insurance rates for homeowners in flood zones whose insurance was subsidized by the government and other policyholders in the past.
The bill would delay huge premium increases for up to four years. It would allow homeowners to pass below-cost policies onto people who buy their homes. Also, people who have recently bought homes, would see the jumps in their premiums rolled back.
Projections of the new rates have caused a panic among homeowners which has affected the real estate market and home values. This is not a complete solution but a reprieve to look at the situation in a new way, and allow time to evaluate the new flood maps and a solution which is not devastating to homeowners who require flood insurance.
Agent Rising is keeping abreast of the situation and MAR has been working for passage of this bill to help homeowners.
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