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The Flood Insurance Reform Bill - What It Means To Homeowners

The Flood Insurance Reform Bill - What It Means To Homeowners.         Fllod Insurance

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.

 

 

 

If you need assistance locating a Flood Insurance provider - contact us! We are here to help you meet your needs and achieve your real estate goals. We offer client counseling and services that cater to both buyers and sellers.

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Comment balloon 3 commentsMike Mayer • July 18 2010 09:47PM

Comments

Good information.  I bet being from the same state as Katrina people from Louisiana know all about flood insurance.  BTW, congratulations to New Orleans for winning the SuperBowl last season :-)

Posted by Robert Lei, Sunnyvale Cupertino Santa Clara, Palo Alto Mountain View Saratoga Campbell (Century 21 (SUNNYVALE, CA) - (408) 893-2410) over 7 years ago

Believe it or not, flood insurance comes into play in Arizona as well. Many of my clients have had to purchase flood insurance because their properties are located in what they call "100 Year Flood Zones." Since the ground here cannot tolerate a ton of water, things can get pretty scary pretty quickly in a large storm. Thanks much for the informative post.

Posted by Heather Tawes Nelson, Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ (Realty ONE Group) over 7 years ago

I apologize Robert & Heather. I thought I had responded to your supportive comments.

Robert, thanks. Yes the fans celebrated heartily.

Heather, thanks for sharing that information. I would have thought that AZ being a somewhat arid area, water would not pose as big a threat.

Posted by Mike Mayer (Mike Mayer, Broker/Owner - i List For Less Realty, LLC) over 7 years ago

Participate