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.
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