Obama Signs Law Putting Caps On Flood Insurance Increases
Owners of second homes in Southwest Florida will face higher flood insurance premiums and surcharges than owner-occupied residences under new legislation that provides relief for flood-prone areas.
But those increases could have been much steeper if Congress had not recently approved a significant scaling back of the much-criticized Biggert-Waters Flood Insurance Reform Act of 2012.
Primary homes got a boost from the legislation, which was signed into law by President Barack Obama on Friday, but vacation and second home owners also got a break from skyrocketing flood insurance costs.
Potential increases to flood premiums many in triple digits threatened to undermine the regions real estate recovery by making insurance unaffordable for many owners and potential buyers in flood zones even of properties not near significant bodies of water.
For more on this story visit: John Hielscher, Herald Tribune