The News, Talk, Sights and Sounds of the Warfleigh Neighborhood
On March 4th, the House passed H.R. 3370, the Homeowner Flood Insurance Affordability Act.
I've pasted the highlights of the House version of the bill below and attached related docs to this post including a letter from Rep Brooks highlighting the points of the legislation and thanking people like us for our input on the issue. Now it's back to the senate to see what they come up with (or if they just go with this version).
Provides Greater Consumer Affordability & Predictability:
Ensuring Greater Fiscal Solvency of NFIP:
Hello, I've read the bill ... it's my understanding the bill simply limits annual increases to no more than 15%-18% per year ... and that we'll be moved to market-based rates over time ... (that's why the press and press release say it "mitigates rate shock.") The premium increases will still come year over year ... Does anyone else who read the bill also have this same understanding? Also, there is a provision that indicates the FEMA administrator shall seek to limit annual premiums to no more that 1% of the home price (e.g., $3,000 per year on a $300,000 house) but there is nothing that limits with certainty annual premiums to that level ...