President Obama Signs Flood Insurance Bill Into Law

Dated: 04/04/2014

Views: 303

March 21, 2014

On March 21, 2014, President Obama signed the “Homeowner Flood Insurance Affordability Act” into law. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.
Blog author image

Donna Podesta

I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland and Orange County. My goal is to make my client's real estate experience a happy one. Because succe....

Want to Advertise on this Site?

Latest Blog Posts

Historic Housing Rebound

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in

Read More

Summer Water Games For Outdoor Family Fun

Playing water games can be a fun and effective way to beat the heat when summer temperatures start to rise. They are also a great way to keep kids busy and entertained!Not sure where to start? Never

Read More

Nyack School District Board Elections

Gov. Cuomo extended the deadline for school districts to receive school budget ballots.(by executive order issued on 6/7/20)... the ballots can be accepted by hand delivery through 5:00pm

Read More

Saving Energy Expenses This Summer

Here are some tips that can help you cut your energy expenses this summer! Check Thermostats. Set your thermostat as high as comfortably possible. Every

Read More
Fair Housing Icon NY Fair Housing Notice