Flood Insurance Bill Passed by Senate
The United States Senate overwhelmingly passed the Homeowner Flood Insurance Affordability Act on January 30, 2014. “Working toward getting this legislation which calls for a 4-year timeout on rate increases has been a priority for Louisiana REALTORS® and the National Association of REALTORS® (NAR)” said Norman Morris, Senior VP of Governmental Affairs for Louisiana REALTORS®. Expert testimony was provided by NAR suggesting that many of these increases are excessive and inaccurate. The bill also creates a flood insurance advocate within the Federal Emergency Management Act (FEMA) to investigate home owner complaints of multiple different or excessive rate quotes.
The Senate vote (67 – 32) sends the measure to the House of Representatives. REALTOR® efforts will be focused on persuading the House leadership to bring a similar bill up for a floor vote at the earliest opportunity.
Information provided by Louisiana REALTORS®