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Thursday, March 27, 2014

Waterfront property owners get a huge financial break

President Obama signs NFIP Bill into Law

Washington, D.C. – On Friday, President Obama signed The Homeowner Flood Insurance Affordability Act of 2014 (H.R. 3370) into law.

The comprehensive legislation repealed rate increases mandated under the Biggert-Waters Flood Insurance Reform Act of 2012, some which have already gone into effect.

“This legislation is good news for homeowners and provides much-needed relief for those who were facing staggering increases in their flood insurance premiums,” said Senator Jack Reed (D-RI) in press release, upon the Senate’s passage of the bill. 

"The National Flood Insurance Program is vital to protecting Rhode Island homeowners, businesses, and property values throughout the state, and I’m glad Congress was able to come together in a bipartisan way to provide policy holders with a comprehensive, long-term solution that will ensure financial stability and predictability in the NFIP and the flood insurance market.”

Reed authored an amendment to the law that required FEMA to study the possibility of making voluntary, community-based flood insurance policies available through the NFIP.

 Refunds due some property owners

The 2014 law restored grandfathered rates for some property owners and set forth the requirements for future rate increases, including those of property owners mapped into floodplain areas not previously designated as special flood hazard zones.

Read the rest of Tracey's story on her website by clicking here.