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Monday, June 29, 2015

Florida Issues Flood Bill to Protect Second Homes

On Thursday, H.R. 2918, the Flood Insurance Fairness Act of 2015 was introduced by Florida Keys Congressman Carlos Curbelo and fellow U.S. Rep. Patrick Murphy to provide economic relief to second homeowners and rental property owners.  

Last year, Congress approved the Homeowners Flood Insurance Affordability Act, which limited flood insurance rate increases on people’s primary homes in coastal areas of the country like the Florida Keys. The bill did not provide protections for second homeowners and the owners of commercial properties.   If passed, H.R. 2918 would extend caps on National Flood Insurance Program (NFIP) insurance rates to second homes and rental properties in coastal areas.

 “Often times, these rental properties not only serve as primary income for the landlords, but also provide reasonably priced housing for the workforce in our coastal communities,” Curbelo said. “This bill is critical to South Florida, especially Monroe County and the residents living in the Florida Keys. It’s important that we protect the real estate market and small businesses of hard-working Americans everywhere.”

Read more.

Want to learn more about Flood Insurance?  Join the ABIA Flood Insurance Working Group.