Washington, DC – October 31, 2013 – (RealEstateRama) — U.S. Rep. Nick J. Rahall is introducing legislation today that would suspend the flood insurance rate increases that millions of homeowners are now subject to. At the beginning of the month, participants in the National Flood Insurance Program saw dramatic increases their premiums as a result of Biggert-Waters Flood Insurance Reform Act of 2012. However, the law took effect while Flood Insurance Rate Maps (FIRMs), which are used to determine flood insurance rates, are in the process of being updated nationwide. Rahall’s bill, HR 3380 would freeze the insurance hikes until the updated maps are finalized and would reimburse homeowners that are paying higher premiums in the interim.
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