A bill--and now a law--that deals with rate hikes for flood insurance. The legislation repeals many of a 2012 flood insurance law's changes and replaces them with a more moderate program for increasing insurance premiums. Requires rates to rise 5% across all flood insurance categories but then caps them, on average, at 15%, with no individual hikes above 18%.
- EnactedMarch 21st, 2014The President signed this bill into law
- The senate Passed March 13th, 2014Roll Call Vote 72 Yea / 22 Nay
- The house Passed March 4th, 2014Roll Call Vote 306 Yea / 91 Nay
House Committee on Financial ServicesHouse Committee on RulesIntroducedOctober 29th, 2013
- house Committees
What is it?
According to The Hill,
The 2012 legislation called for insurance rate hikes aimed at more closely aligning the premiums collected to payments going out. Changes included matching premiums to flood risks, ending lower rates for homes with 'grandfathered' status and eliminating insurance subsidies for homes once they were sold to a new owner. But last year, new flood insurance rates were announced that were much higher than anticipated. Those changes led to complaints that owning a home or business in a flood zone was about to become unaffordable.