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FLOOD INSURANCE PASSES CONGRESS, RAISES PREMIUMS
Joe Patrowsky has posted a very timely and important article written by Brian Collins about the Flood Insurance Bill. For the Jacksonville area in particular, this is great news that we will have Flood Insurance promised for the next 5 years.
“Flood Insurance Passes Congress, Raises Premiums”

A five year extension is great news and we can be sure that properties that need flood insurance to close, won’t be held up. If you recall a few years ago, we couldn’t close loans that required flood insurance, as the Congress allowed this legislation to expire.
I haven’t seen what the increase in premiums look like, but all rates are standardized, so it’s not like you can shop for a less expensive policy.
Congress Passes Flood Insurance Reforms, Raises Premiums
By: Brian Collins
Congress has passed a five-year extension of the National Flood Insurance Program along with substantial reforms that will raise premiums to improve the financial condition of the program.
Passage of the flood insurance bill by the House and Senate on Friday also ensures against another temporary shutdown of the program.
Since 2008, Congress has passed 18 short-term extensions of this program and there were several lapses where the Federal Emergency ... more

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