U.S. Senator Joe Manchin (D-W.Va.) today announced he supports the “Homeowner Flood Insurance Affordability Act” to protect homeowners from paying drastically higher flood insurance costs under the revised version of the National Flood Insurance Program. This legislation, cosponsored by 28 additional Senators, would delay changes to the insurance program overseen by the Federal Emergency Management Agency (FEMA) until the agency can finish an affordability study required by the “Biggert-Waters Act.” It would also provide Congress eighteen months to review any new regulations FEMA may propose once the study is complete.
U.S. Rep. Nick J. Rahall is introducing legislation today that would suspend the flood insurance rate increases that millions of homeowners are now subject to. At the beginning of the month, participants in the National Flood Insurance Program saw dramatic increases their premiums as a result of Biggert-Waters Flood Insurance Reform Act of 2012. However, the law took effect while Flood Insurance Rate Maps (FIRMs), which are used to determine flood insurance rates, are in the process of being updated nationwide. Rahall’s bill, HR 3380 would freeze the insurance hikes until the updated maps are finalized and would reimburse homeowners that are paying higher premiums in the interim.
BEAVER, WV - April 26, 2010 - (RealEstateRama) -- Repairing or rebuilding a flood-damaged home? Working on ways to make your home more disaster-resistant? Have questions about flood insurance?