COLUMBIA, S.C. – March 13, 2014 – (RealEstateRama) — South Carolina REALTORS® (SCR) applaud the United States Senate on its 72-22 vote to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370), which holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues.
The bill repeals FEMA’s authority to increase premium rates at a time of sale or new flood map, and refunds the excessive premium to those who brought a property before FEMA warned them of the rate increase.
“We applaud the Senate for its speedy work on this important issue and thank South Carolina Senators Lindsey Graham and Tim Scott who voted in favor of H.R. 3370. The bill will bring relief and protection for business and families nationwide who are experiencing financial hardships due to extreme and sudden premium increases,” said SCR President Randy Harrison.
The bill also limits premium increases to 18 percent annually on newer properties and 25 percent for older properties and adds a small assessment on policies until everyone is paying full cost for flood insurance. President Obama is expected to sign the bill into law when it arrives at the White House.
“This bill will protect property owners in every single county in South Carolina. We look forward to having it signed into law,” said SCR CEO Nick Kremydas.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for 14,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
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