U.S. Senate passes flood insurance affordability bill curbing rate increases

An amended Homeowner Flood Insurance Affordability Bill that reins in excessive premium increases was approved by the U.S. Senate Thursday and now heads to President Obama, who is expected to sign it into law.

The National Association of REALTORS® (NAR) had urged Congress to approve the affordability legislation that sought to limit the “skyrocketing flood insurance premiums affecting residential and commercial properties that were unintentionally triggered by the Biggert-Waters reforms to the National Flood Insurance Program.” Read more from NAR.

“As the leading advocate for home and property owners, NAR applauds this bill for the relief and protection it will bring to businesses and families nationwide, who are experiencing financial hardship because of the extreme and sudden premium increases. We believe this legislation will bring relief to property owners by ensuring a slow and steady phase in of risk-based increases,”  said NAR President Steve Brown.

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