On March 21, the Homeowner Flood Insurance Affordability Act of 2014 (the Flood Insurance Act) was signed into law. This Act modifies planned flood insurance reforms that would have dramatically increased premiums for many property owners in high-flood risk areas, and it will:
- Limit flood insurance premium increases to no more than 18 percent a year.
- Repeal a provision requiring an immediate premium increase when a home changes ownership.
- Reinstate the flood insurance program’s grandfathering provision.
Learn more about the Flood Insurance Act and how it helps property owners in coastal areas and other high-risk flood zones in the latest Compliance Bulletin from Long & Foster Insurance.