Homeowners in the area should be thanking the U.S. Senate for following the U.S. House of Representatives in approving H.R. 3370, the “Homeowner Flood Insurance Affordability Act.” The legislation will be forwarded to President Obama for his signature into law.
Biggert-Waters legislation created a situation where homeowners and residents were facing exorbitant increases in flood insurance premiums that called into question the ability to insure homes and common property. H.R. 3370 provides direct relief to homeowners facing exorbitant increases in flood insurance premiums as a result of the Biggert-Waters Flood Insurance Reform Act of 2012. The Biggert-Waters Act required that all flood insurance policies transition to actuarial premiums. As a result, many homeowners across the country faced flood insurance premium increases of more than 500 percent, calling into question the ability to maintain flood insurance coverage.
The legislation provides a more sustainable flood insurance premium structure that will lead to more homes and businesses being covered by flood insurance. H.R. 3370 also improves flood zone mapping procedures and imposes a fee on policyholders whose premiums do not reflect actual flood risk.