Congress passes flood insurance bill halting premium increases
CONGRESS PASSES FLOOD INSURANCE BILL HALTING PREMIUM INCREASES First Selectman Mike Tetreau announced that Congress has passed a flood insurance bill, which the President is expected to sign into law that would halt major flood insurance premium increases that took effect following the passage of the Biggert-Waters Flood Insurance Reform Act of 2012. This bill, called the Homeowner Flood Insurance Affordability Act of 2013, overhauls most of the 2012 provisions of the National Flood Insurance Program (NFIP). According to Congress.gov, the bill summary, which is authored by the Congressional Research Service, prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from: (1) increasing flood insurance risk premium rates to reflect the current risk of flood for certain property located…
