The US House of Representatives will be voting WEDNESDAY of this week on HR 3370. There is a summary of the bill at the below link:
But here are some of the major points:
Caps Annual Rate Increases at 15%
Refunds policyholders who purchased pre-FIRM homes after Biggert-Waters (7/6/12) and were subsequently charged higher rates
Funds the Affordability Study and Mandates Completion
However, there are some holes in the bill. We are getting word that rates could still spike should homeowners not in a flood zone now get mapped into a flood zone. At the MCCC, we have posted a list that was compiled by the Mass Area Planning Council for the Town of Marshfield late last year. This list gives a rough idea of structures that could be mapped into a new flood zone under the proposed flood maps. Again, please note that the proposed flood maps are postponed for one year. The list can be found here:
We will keep you updated as we find out more!