The Homeowners Flood Insurance Affordability Act (H.R.3370) is awaiting President Obama's signature. The President has until March 28th to sign the Act. Once signed, the Act will become law. The Act contains many provisions designed to lessen the impact of flood insurance premium increases on primary homeowners contained in the Biggert Waters Act. Commercial property owners, severe repetitive loss properties and secondary/rental homeowners would still face the flood insurance premium increases.
Once the Act becomes law, The Russell Agency will be available for flood insurance seminars to update real estate and law firm staffs on the changes to the Biggert Waters Act. If you are interested in a seminar, please contact Tim Russell.
If you would like to read more on the Homeowners Flood Insurance Affordability Act, please click here