Homeowners Flood Insurance Affordability Act passes the Senate and moves to the President for Signature to become Law
HB3370, Grimm/Waters Homeowner Flood Insurance Affordability Act of 2014, passed the Senate last night 72-22 and is anticipated to be signed by the President within the next 10 days.
Some important highlights include:
HFIAA14 directs FEMA and the NFIP to modify BW12 Flood Reforms already in place as well as to modify the future implementation of BW12 Flood Reforms. A Congressional Summary of HFIAA14 is available to read more. We appreciate your interest and involvement in the political process, to see how your Senator voted, click here to see how your Representative voted, click here.
House Passes HB 3370-still requires Senate approval and Presidential signature
The Homeowner Flood Insurance Affordability Act, HB3370, passed the House in a bi-partisan vote of 306-91 last night with no amendments. To become law this bill must be re-considered by the Senate and signed by the President.
"It is noteworthy that by passing HB 3370, the House not only sought to prevent rate increases but offered a livable alternative that would provide relief to property owners while still providing a path for the NFIP to reach actuarial soundness," stated Patty Templeton Jones, COO Wright Flood.
It is anticipated that the Senate will concur and send this bill for rapid signature by the President.
Once the bill is signed, FEMA will begin their study and implementation phase and we will provide more information once full details of the bill are known.
BY LAURA MAZZUCA TOOPS, PROPERTYCASUALTY360.COM
December 12, 2013
1. What types of risks are most common with vacant properties?
The most common risks with vacant properties are vandalism, theft and water damage. Top vandalism losses include: stolen air conditioner units, stolen cooper pipes and stolen wiring. Vandals and squatters can also break into vacant properties and cause several types of damage, such as water damage if the water has not been shut off or they may start a fire trying to keep warm in the winter.