New Bill Tosses Insurance Life Preserver to Home BuyersPosted by Shawn Clayton on
A bipartisan bill approved by The House in early March would allow sellers to pass along their subsidized, below-market insurance rates to new buyers, while lowering the limit on just how much flood insurance premiums can go up each year.
This is a good step for people in living in oceanside communities in Ocean and Monmouth Counties. The bill was approved 306-91 and the legislation would reel back a recent overhaul of the federal flood insurance program after homeowners in flood-prone regions spoke out about high premium increases.
As residents in areas affected by Superstorm Sandy continue to rebuild, the bill means prospective home buyers won't have to absorb high flood insurance rates, and families across the US can avoid what Rep. Michael Grimm…
1097 Views, 0 Comments