On January 30, the Senate passed the Homeowner Flood Insurance Affordability Act by a vote of 67-32. This legislation calls for a four-year time out on rate increases triggered by a property’s sale or a flood map update or a property with previously grandfathered rates. The vote sends the measure to the House for consideration (the House version of the bill currently has 181 cosponsors). NAR is now redoubling its efforts to encourage House Leadership to bring the legislation to a vote. Colorado Senators Bennet and Udall both voted in favor of the bill.
For more information about the flood insurance issue, please visit REALTOR.org: http://www.realtor.org/topics/national-flood-insurance-program-nfip