FEMA to Repeal Certain Flood Insurance Rate Increases

FEMA to Repeal Certain Flood Insurance Rate Increases

LANGDON, N.D. – April 17, 2014 – (RealEstateRama) — Today the Federal Emergency Management Agency (FEMA) announced it is moving forward with repealing certain flood insurance rate increases as required under the Homeowner Flood Insurance Affordability Act of 2014, cosponsored by Congressman Kevin Cramer. A bulletin from FEMA directing flood insurance providers to stop charging full-risk rates for all types of Pre-Flood Insurance Rate Map (FIRM) properties covered by Section 3 of the 2014 legislation, including primary residences and businesses. Cramer released the following statement on the announcement:

“This is welcome news and it needs to be followed by timely and consistent implementation of the remaining provisions designed to give home and business owners better certainty and more reasonable insurance rates. FEMA worked closely with Congress on drafting this legislation and should know how to proceed with implementation.”

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