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Friday, October 25, 2013

Representative Bilirakis Introduces Bill to Cap Flood Insurance Premiums

Republican Congressman Gus Bilirakis (FL-12) has introduced H.R. 3312, the Homeowners Flood Insurance Relief Act, the latest in a series of bills designed to address the NFIP rate increases included in the 2012 Biggert-Waters Act. According to Rep. Bilirakis' press release, his bill would:
  • cap premiums to "no more than the appraised value of the structure over the course of a 30-year mortgage";
  • "phase-in rate increases over 10 years"; and
  • "allow homeowners to pay premiums on a monthly basis rather than an annual lump sum."
Read Bilirakis' press release.

H.R. 3312.

View previous posts on other House bills and Congressional actions to delay the rate increases.