Flood insurance relief may be on the way

A bi-partisan group of legislators has begun drafting legislation that could stall the implementation of the premium increases called for in the Biggert-Waters Flood Insurance Reform Act of 2012. This delay would also give the Federal Emergency Management Agency more time to review the premiums to be sure they accurately reflect the values needed to make the program self funding. It has been predicted that homebuyers would be hit the hardest under the current structure seeing premiums rise from $6000-$20,000 a year in many cases. Not usually mentioned in the controversy is the fact that FEMA would have to re-draw its flood plain maps, and reimburse homeowners who have paid higher premiums due to incorrect maps in the past. the new rates kicked in on October 1st of this year.