The Homeowner Flood Insurance Affordability Act

It seems promising that the President will be signing the bill into law in the very near future.

The bill prevents flood insurance rate increases for property owners across the country. Here are the other important changes:

Repeals the Federal Emergency Management Agency’s (FEMA) authority to increase premium rates at time of sale or new flood map.
Refunds the premium to those who bought a property before FEMA warned them of the rate increase.
Limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones.
Adds a small assessment on policies until everyone is paying full cost for flood insurance.