The Latest On Flood Insurance In Florida

Dated: December 30 2013

Views: 462

The budget bill, which is expected to pass both houses of congress this week and be signed into law, includes language that offers a bit of flood insurance relief for some homeowners.   

Existing homeowners receiving flood insurance subsidies were supposed to see their premiums rise incrementally until they reached the actuarial rate.  The expected law delays any increase for 10 months. Further it includes a mandate that the Federal Emergency Management Agency (FEMA) has 60 days to issue a report on ways to make flood insurance more affordable.
 
Homeowners will see greater relief from an unrelated bill currently moving in the Senate. If the bill is passed in it’s current form it would provide a four-year delay in flood insurance rate hikes. During that time, the National Academy of Sciences would conduct an affordability study and FEMA would certify the accuracy of its floodplain maps.

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