Homeowner Flood Insurance Affordability Act Archives

Lawmakers begin to focus on flood insurance in Florida

July 17, 2015July 16, 2015 S.Vagus

Florida introduces new legislation that could have an impact of flood insurance premiums Florida lawmakers are beginning to focus their attention on flood insurance. Some are calling for an extension for the Homeowner Flood Insurance Affordability Act, which was passed in 2014 as a way to reduce the insurance premiums that homeowners were paying for their coverage. The law is meant to limit premiums increases to no more than 18% in a given year, making flood protection less of a financial burden for consumers. Legislation would assist in the development…

Regulators finalize new flood insurance rule

June 26, 2015June 24, 2015 Nordstrom

Finalized rule places new requirements on banks Federal regulators have finalized a rule that will affect flood insurance policyholders. The rule requires banks to hold flood insurance premiums, associated fees, and loans on property located in flood zones in escrow. This rule will go into effect next years and banks will hold payments in escrow on “residential improved” properties as well as mobile homes. The finalized rule has been clarified to make it easier to understand. One of the clarifications involves the definition of detached structures that are excepted from…

Flood insurance rates for non-primary homes to rise next year

January 2, 2015December 31, 2014 Nordstrom

FEMA memo highlights an increase in insurance rates for non-primary homes Flood insurance rates on non-primary homes are set to rise by a significant margin next year. Policies for old, primary homes are expected to have their rates increase by an average of 15% after April 1, 2015, but non-primary homes could see rates spike by 37% on average, according to a recent memo from the Federal Emergency Management Agency (FEMA). The federal agency manages the National Flood Insurance Program, which is the only place many homeowners can find insurance…

Flood insurance becomes a powerful political tool in Louisiana

July 30, 2014July 28, 2014 Nordstrom

Lawmakers are beginning to use insurance as a way to sway voters Flood insurance is beginning to become a political platform in the U.S. It has been several months since Congress took action on the cost of flood protection, introducing new rules that delay rate hikes for a time. This has provided some homeowners with a reprieve from higher insurance rates, but coverage will eventually become significantly more expensive, especially as flood maps continue to be redrawn. Politicians are now beginning to use this issue to their advantage. Senator is…

FEMA repeals provisions of controversial flood insurance law

May 16, 2014May 16, 2014 Marc

Problematic provision has been rescinded by FEMA The U.S. Federal Emergency Management Agency has rescinded a provision of the 2012 Biggert Waters Act as ordered by the Homeowner Flood Insurance Affordability Act. The provision had made it impossible for new homeowners to take on any existing flood insurance of properties. Now that the provision has been repealed, policy rate tables have been reverted to what they had been before the 2012 Biggert Waters Act. Rate tables are expected to remain in this state as Congress works to address emerging issues…

Flood insurance rates continue to rise in West Virginia

April 14, 2014April 12, 2014 S.Vagus

Insurance coverage continues to become more expensive despite new law Last week, President Barack Obama signed the Homeowner Flood Insurance Affordability Act into law. The legislation repeals provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 that were responsible for the dramatic rise in flood protection premiums. While these provisions have been repealed, insurance premiums are still expected to rise over the coming months, especially due to the fact that government subsidies meant to reduce the financial impact of higher premiums begin to expire. Rates are growing by 25%…

Flood insurance bill is now a law with Obama’s signature

March 24, 2014March 24, 2014 G. Turner

The President has now signed the long awaited and fought for legislation to help to keep coverage affordable. President Barack Obama officially added his signature to the hard fought legislation, turning the flood insurance bill into a law and making certain that the increases in premiums would not rise by any more than 18 percent per year. This was not legislation that came about easily or without considerable controversy. Senator Mary Landrieu (D – Louisiana), was among the bill’s most vocal and adamant supporters. She received a call early in…