Flood Insurance Rates Going Up?

ICBA is calling on the Senate to pass bipartisan legislation to protect homeowners from significant increases in flood insurance premiums. Senators last night advanced debate on legislation to delay the increases, which began being phased in on Oct. 1.

S. 1926, introduced by Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.), would delay rate increases for up to four years by giving the Federal Emergency Management Agency time to develop a plan to help property owners who cannot afford higher premiums.

Unless Congress acts, flood insurance rate increases under the  Biggert-Waters Act of 2012 would make flood insurance unaffordable for many policyholders who built to code and followed the law every step of the way. These increases would negatively affect home values and destabilize the still-recovering housing market in affected areas.

--ICBA