|Targeted News Service|
The House bill, led by Rep. Grimm, Rep. Cassidy, Rep. Scalise and other House Members, is a marked improvement over anything introduced in
"The House flood insurance bill includes long-term, lasting relief for homeowners across the nation. I am proud to have worked with Congressmen
The legislation includes four key components:
1. Reinstatement of Grandfathering - This means catastrophic rate increases will not occur due to
<p>2. Removal of the Home Sale Rate Increase Trigger - The repeal of this provision within Biggert-Waters will allow the person buying a home to be treated the same as the person selling it.
3. Refund of Excess Premium Charges - Provides a refund for the people who already realized significant rate increases due to the purchase of an older home built prior to the first Flood Insurance Rate Map (FIRM).
4. Lower Rate Increases - Lowers the cap on rate increases to 15%, which is below the 20% threshold kept in place by the
New negotiated additions to the legislation include:
1. Per Property Rate Increase Limit - Codification of an existing
2. Affordability Goal - In setting premium risk rates, in addition to striving to achieve actuarial soundness,
3. Mapping Notification -
4. Disclosure - addresses the ability of the NFIP to share its data with the public in accordance with applicable laws designed to protect consumers' personally identifiable financial information. Providing greater transparency with claims data will help enable private insurers to provide consumers with more flood insurance options.
The House bill is a strong step forward in balancing flood insurance accessibility and solvency with consumer affordability. The text of the legislation is available here.http://docs.house.gov/billsthisweek/20140303/BILLS-113hr3370v2-SUS.pdf
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