Senate Passes Flood Insurance Bill

Monday, February 10th, 2014

The National Association of Realtors reports that the United States Senate voted 67-32 to approve the Homeowner Flood Insurance Affordability Act (S. 1926), sponsored by Senators Menendez (D-NJ) and Isakson (R-GA) on Jan. 30, 2014.  The bill calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates and creates a flood insurance advocate within FEMA to investigate home owner complaints of multiple different or excessive rate quotes.  The bill is now in the House.