Last night the US Senate passed “The Homeowner Flood Insurance Affordability Act” by a vote of 72-22. This is the bill that the US House passed last week. This is incredible news for REALTORS® and property owners. The bill will now be sent directly to President Obama for his signature. Both US Senators (Florida) Nelson and Rubio voted in favor of the bill.
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“This bill provides a compromise to bring relief to property owners and stability to the real estate market while still providing a path for the NFIP to reach actuarial soundness,” stated Patty Templeton Jones, COO Wright Flood. “We understand that policyholders and their agents will be primarily interested in receiving any refunds and revised lower premium rates, however, the implementation of any refunds and revised rates from this bill is in the hands of FEMA and the NFIP for action.”
HFIAA14 directs FEMA and the NFIP to modify BW12 Flood Reforms already in place as well as to modify the future implementation of BW12 Flood Reforms. A Congressional Summary of HFIAA14 is available to read more. To see how your Senator voted, click here to see how your Representative voted, click here.
Meanwhile, I’ve been involved in recent closings where the buyer obtained reasonable private sector flood insurance and acquired very competitive lender financing . Our communities and local markets, not to mention all Florida real estate markets, should begin to enjoy a rebound from the fear and uncertainly as well as direct financial pain initiated by Biggerts-Waters. It seems common sense can prevail after all. Everyone should be very proud of the support and response that has generated it.
For all of you buyers and sellers, please enjoy our extended visitor season this year! Have a great day!