This Just In: US Senate Overwhelmingly Passes Flood Insurance

The US Senate overwhelmingly passed the bipartisan flood insurance reform legislation that the House approved earlier this month by a 72-22 margin. The President is expected to sign the legislation in the next few days.

The legislation that passed today:

•  REPEALS (the original Senate bill only delayed) the property-sales provision in the Biggert Waters law (sec. 205) that has triggered the most excessive and inaccurate premium increases over the past year. 
• REFUNDS (the original Senate bill would not refund) excessive premiums to those who have already seen an increase but were not warned by FEMA prior to purchasing the property. (This would apply to ALL purchases of property including purchases of a second home or commercial property). 
• RESTORES (the original Senate bill only delayed) the grandfathering of lower rates when new flood maps are issued by repealing Section 207 of the law before any increases can be implemented. 

Thanks to all of you for your hard work in getting this done over the past couple months. This is a major success for REALTORS®, homeowners and families all over the U.S.