Senate Passes Bill to Delay Flood Insurance Hikes

Ex Firmette resized 600In a vote on January 30th, 2014, the senate passed a bill that will delay flood insurance hikes for at least four years.

The bill, called the “Homeowner Flood Insurance Affordability Act of 2014,” will be effective if and when it makes it past the House of Representatives.

Under the new bill, older rates for homeowners recently mapped into new flood zone areas will have their rates grandfathered in until an affordability study is conducted.

Read more here, courtesy of the “Insurance Journal.”