The U.S. Senate passed the Homeowner Flood Insurance Affordability Act last month and President Obama signed it into law on Friday, March 21st. The bill caps flood insurance premium increases and allows taxpayer-subsidized, below-market insurance rates to be passed on to homeowners in flood zones.
The legislation offers its greatest relief to owners of properties that were built to code but were subsequently found to be at a greater risk of flooding.
Another provision allows sellers of homes built before flood insurance risk maps were drafted to pass subsidized policies on to the people buying their homes.
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