On March 21, President Barack Obama signed the "Homeowner Flood Insurance Affordability Act" into law. This law repeals FEMA’s authority to increase premium rates at time of sale or implementation of a new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.

For a section by section analysis of the "Homeowner Flood Insurance Affordability Act," click here.