Flood Insurance Affordability Act
The “Homeowner Flood Insurance Affordability Act” was signed into law by President Obama on March 21, 2014. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones and adds a small assessment on policies until everyone is paying full cost for flood insurance.
To learn more about how this affects you, read this section by section summary.