A bill that would delay the implementation of unexpectedly high rate increases precipitated by a flood insurance law passed last year is receiving wide support among members of Congress and will soon head to the Senate floor, RealtorMag reported.

While NAR was a vocal supporter of the Biggert-Waters Flood Insurance Reform Act of 2012, which extended the National Flood Insurance Program for five years, the trade group now says the law had unintended consequences, namely “sudden and dramatic” flood insurance premium increases. It has therefore urged Congress to pass the “Flood Insurance Affordability Act,” a bill that currently has 28 co-sponsors from both parties in the Senate. About a third of House members are co-sponsors of a companion bill there.

The Senate bill would require the Federal Emergency Management Agency (FEMA) to: stop implementing changes to premiums so it can investigate and report to Congress on the magnitude of the increases; set up a consumer advocate; and start working with industry groups on a longer-term solution to the affordability problem, RealtorMag said. Source: RealtorMag.

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