Friday, November 1, 2013

Congress agrees to delay flood insurance premium hikes for 4 years

From online ezine “Insurance Journal”, dated October 28, 2013:

Key House and Senate members have reached a bipartisan deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. The bill would require regulators to address affordability of the coverage before implementing rate hikes.
The new legislation calls for a four-year delay in most rate increases and requires FEMA, which administers the flood program, to complete an affordability study and propose regulations that address affordability issues.

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