Congress agrees to incremental flood insurance fix

WASHINGTON – Jan. 15, 2014 – An omnibus budget bill expected to pass Congress and become law includes language that offers a bit of flood insurance relief for some homeowners, and a ray of hope for all owners impacted by rapidly rising premiums for flood policies issued under the National Flood Insurance Program (NFIP).

Because the current change is part of a largely bipartisan budget bill, it’s expected to pass the House and Senate, and be signed into law by Pres. Obama.

The law doesn’t help anyone trying to sell a flood-zone home. In those cases, a buyer must immediately pay the higher actuarial rate for flood coverage, forcing some owners to sell for less or making a sale impossible.

The law does help some current flood policy homeowners – owners of older homes built to code at the time of construction who voluntarily bought flood insurance.

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