We might be seeing a little relief in sight with FEMA’s flood insurance premiums. The Senate has put a 4 year delay on the premium hikes until they figure out what to do. There is a very high possibility that the House with pass the bill. The National Association of Realtors (NAR) and real estate agents have been applying relentless pressure on both the House and Senate for months now. Check out the article below for the latest flood insurance update.
Palm Beach Post
“The U.S. Senate passed a four-year delay in flood insurance premium hikes Thursday as attention now turns to the GOP-controlled House, where prospects appear rockier.
By a vote of 67-32, Senators approved a halt to most of the biggest increases for four years, during which time a federal agency would be required to study the affordability of policies and review accuracy of new flood maps.
Stories of premiums shooting from $4,000 to more than $40,000 in one stroke have raised alarms that they will kill real estate sales and damage a recovering economy. It’s an especially big deal in Florida, which has two of every five policies issued by the federal program.”
If Congress and FEMA don’t get this problem fixed it will end up hurting every homeowner – not just the rich. Everyone needs to start reaching out to their members of Congress and voice their concern.
Lance Mohr is a waterfront real estate expert in Tampa, FL. If you have any questions about waterfront homes in Tampa please visit our Tampa waterfront website.
US Senate votes to delay flood insurance hikes – from PressTV