Bill Passes by a Wide Margin
By a vote of 72-22 the US Senate voted to approve H.R. 3370 and acted rather quickly to pass the bill that was amended by the House. This bill repeals the Federal Emergency Management Agency’s authority to increase rates at time of sale or when new flood maps come out. It also will refund excess premium to those who bought a property before FEMA gave notice of the rate increase. H.R. 3370 limits premium increases to 18% annually on new properties and 25% on older homes. The bill also adds a small assessment on policies until all policy holders are paying full cost for flood insurance. This bill was signed into law by President Obama on March 21, 2014.
If you are thinking of selling your home or you would like a personalize market analysis of your residence contact Dustin at 239-289-2650 and find out what he’s doing to help clients sell their home faster and closer to list price than anyone else! If you are a buyer, let Dustin add value to your purchase by helping you find the right home, negotiating the best price and using his resources to make the entire transaction smooth and enjoyable.