President Barack Obama signed into law the Homeowner Flood Insurance Affordability Act in March.
This legislation is intended as a solution to extreme flood insurance rate increases caused by the Biggert-Waters Flood Insurance Reform Act of 2012.
The Homeowner Flood Insurance Affordability Act allows government-subsidized rates to remain, provides a refund for those who already paid dramatically higher rates and maintains protections due to sunset for "grandfathered" properties, according to attorney Cynthia C. Russomano.
June 26, 2014 at 12:00 AM
1 minute read
President Barack Obama signed into law the Homeowner Flood Insurance Affordability Act in March.
This legislation is intended as a solution to extreme flood insurance rate increases caused by the Biggert-Waters Flood Insurance Reform Act of 2012.
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