The Flood Insurance Reform Bill - What It Means To Homeowners.
The Flood Insurance Reform Priorities Act (H.R. 5114) passed the House of Representatives by a vote of 329 to 90 last week. It is designed to make flood insurance premiums more affordable by creating an installment payment program and delaying mandatory flood insurance for homeowners in newly classified flood zones.
Flood insurance affordability is a key concern for many homeowners who live in flood zones, and is estimated to affect some 20,000 communities throughout the nation.The bill would assist homeowners who wish to purchase flood insurance as part of the National Flood Insurance Program (NFIP). It is believed many owners have been unable to procure flood insurance due to the high lump sum premiums required. This legislation should make flood insurance costs more feasible and manageable.
H.R. 5114, encourages a broader participation in the program. Over five million homes and businesses nationwide currently rely on the NFIP, the primary source of reliable and affordable flood insurance coverage. This reform bill will provide families with greater payment flexibility and options, allowing them installment payments, raising maximum coverage limits for the first time since 1994, and delaying the mandatory requirement to purchase insurance for five years.
This legislation moves to the U.S. Senate for further action.
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