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House Republicans Release Flood Insurance Relief Bill

House Republicans Release Flood Insurance Relief Bill

House Republicans Release Flood Insurance Relief Bill
News from Insurance Journal:

House GOP leaders last week put the final touches on legislation that would significantly water down a recently enacted overhaul of the much criticized federal flood insurance program, easing many premium increases and allowing below-market rates to be passed on to people buying homes with taxpayer-subsidized policies.

The leaders released a final version of  the bill, H.R.3370, Homeowner Flood Insurance Affordability Act of 2014,  on Friday. (A copy of H.R. 3370 is embedded at end of this article.)

The reform law, the Biggert-Waters Flood Insurance Reform Act of 2012, was aimed at weaning hundreds of thousands of homeowners off of subsidized rates and required extensive updating of the flood maps used to set premiums, but its implementation has stirred anxiety among many homeowners along the Atlantic and Gulf coasts and in flood plains, many of whom are threatened with unaffordable rate increases.

GOP aides say their measure would also repeal a provision that threatens hundreds of thousands of homeowners with huge premium increases under new and updated government flood maps. Those homeowners currently benefit from below-market rates that are subsidized by other policyholders and the new legislation would preserve their “grandfathered” status. The aides requested anonymity because they  spoke before the measure was publicly re…………… continues on Insurance Journal

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