The Senate passed a flood insurance bill that will keep flood insurance hikes in check. The Flood Insurance Bill will be put in place for both residential and commercial properties. The bill will limit premium increases to 18 percent annually on newer properties and 25 percent for some older properties. There will also be a small assessment on policies until everyone is paying full cost for flood insurance. Proponents against the bill suggest that the rich homeowners along the coast are taking advantage of the rest of the country but there are many people that live along the rivers, streams and lakes that will be affected. By giving property owners more time to handle the increases this will allow them time to possibly sell their properties if the increases affect their standards of living. If the owners are leasing their properties the increase can be passed along to tenants in the same manner the bill passes along the increase to the owners. President Obama is expected to sign the bill into law when it arrives at the White House.
Daily Real Estate, N. (2014, March 24). Senate passes flood insurance bill. Retrieved from http://realtormag.realtor.org/daily-news/2014/03/14/senate-passes-flood-insurance-bill?om_rid=AACgpD&om_mid=_BTI2NHB842lLB1&om_ntype=RMODaily
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