BRADENTON – The U.S. House passed legislation Tuesday that would provide immediate relief to hundreds of thousands of Floridians faced with rate hikes for their flood insurance premiums. The Homeowner Flood Insurance Affordability Act (H.R. 3370), which passed 306-91, would also help to provide long-term certainty to the real estate market.
“I hope the Senate will quickly adopt this critical legislation, which has been endorsed by a broad coalition of homeowners, realtors, homebuilders and bankers,” said Buchanan in a release.
The Homeowner Flood Insurance Affordability Act would:
Greg Owens, President-elect of the Manatee Association of Realtors, praised the House measure saying, “We support the House bill which slows down these rate hikes and provides a much-needed long term solution.”
Peter Crowley, President of the Sarasota Association of Realtors, also expressed support for the House bill saying “without some type of new legislation, the continued increase in flood insurance premiums will have a serious negative impact on home sales in Sarasota County as well as the entire state of Florida. The Sarasota Association of Realtors applauds Congressman Vern Buchanan for his support of this extremely important piece of legislation.”
Earlier this month, FEMA announced that flood insurance premium increases will be delayed nearly two years – and possibly longer – for most policyholders in Sarasota and Manatee Counties. These delayed rates could affect 78,812 policyholders out of 109,273 total NFIP policyholders in Florida’s 16th District – those homeowners who, due to remapping, find themselves below elevation and facing increased premiums.
“Today’s bill is a victory for thousands of struggling homeowners in Sarasota and Manatee Counties,” said Buchanan, noting that Florida has more federally backed policies than any state. “As co-chair of Florida’s congressional delegation, I have consistently pushed for a long-term solution that treated homeowners fairly and overturned these absurdly high rate increases. Today’s legislation accomplishes that goal.”
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