House passes Homeowner Flood Insurance Affordability Act
Tue, 2014/03/11 - 5:00am News Staff
Bill must now be passed by Senate and signed by Obama
By Jack Tiebout
The House of Representatives passed a bill last Tuesday that would keep Plaquemines homeowners from taking on catastrophic flood insurance rate increases brought on by the Biggert-Waters Flood Insurance Reform Act of 2012, though it is still subject to a Senate vote. The Homeowner Flood Insurance Affordability Act of 2014 has four major components that would impact homeowners’ flood insurance rates. The act would reinstate grandfathering, cap average annual insurance rate increases at 15 percent, repeal rate increases associated with the Biggert-Waters Act, and extend the home improvement threshold to 50 percent.