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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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.