Morning Minute: Bill to delay higher flood insurance rates passed by U.S. Senate

In a win for homeowners, the U.S. Senate this week passed the Homeowner Flood Insurance Affordability Act, which adds a four-year delay on insurance rate increases “triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates,” the National Association of REALTORS® (NAR) reports.

The bill, which now heads to the U.S. House, has been a legislative priority for REALTORS® who are concerned the proposed insurance rates are excessive and inaccurate.

Read more from NAR about the legislation and the National Flood Insurance Program.

In other headlines:

Strong year for home sales in Illinois – Daily Herald

House Flips Up 16% as Prices Rebound –

December Pending Home Sales Fall – NAR

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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