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Flood insurance reform bill passes Senate; awaits Obama's signature

11:47 AM, Mar 14, 2014   |    comments
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Tampa, Florida-- By a simple majority vote, the senate passed House Resolution 3370, effectively stopping massive increases in flooding insurance premiums, and that's a big deal for Tampa Bay homeowners or those looking to buy or sell their homes.

STORY: Congress passes flood insurance bill

"No longer will we have policy premiums at the 20, 30, 50-thousand dollar range, they'll be back in line where they were before'" said Amy Seeks, vice president of Smith and Associates, who says before this fix, the real estate market was being crushed.

"On a scale of 1 to 10, 10 being the worst, it's been a 12."

HR 3370 repeals rate increase triggers, grandfathers those who originally built to code, offers home buyers the same protections, and caps rate increases at 15-18%.

It's welcome news for sellers like James McCauley because...

"As soon as they found out the flood insurance could be $20,000 a year, they'd back out of the deal," said McCauley.

Florida lawmakers pushed hard for the new legislation. 

STORY: House bill passes to cap massive flood insurance hikes

After the Senate vote, Congressman Gus Bilarakis issued this statement: 

"I am pleased the Senate swiftly passed the house legislation. The President should sign the Homeowner Flood Insurance Affordability Act into law without delay."

The resolution now heads to president who is expected to sign it.

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