Revised flood insurance bill introduced in U.S. House

The U.S. House of Representatives is expected to vote this week on a bill that would provide flood insurance rate relief to homeowners. The legislation, H.R. 3370, introduced by Rep. Michael Grimm (R-New York), will do several things that should provide relief to homeowners including: permanently removing the home sale/new policy rate increase for primary residences; reinstating grandfathered insurance rates; providing refunds for people that purchased a "pre firm" (before updated flood maps) subsidized home without the full transparency from FEMA on the new flood insurance rate structure; and more.

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