According to the Insurance Journal, a bipartisan deal was reached to delay most flood insurance rate increases for four years while FEMA conducts an affordability study.
Both the House and Senate had key members come together to reach this deal after citizens across the nation were caught off-guard when flood insurance rates increased dramatically on October 1st of this year.
Here in Florida there has been talk of our state having it's own flood insurance program since the state pays more into the National Flood Insurance Program than it gets back out again. There have been stories about many deals not closing when potential buyers learned what the new flood insurance rates would be.
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