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The U.S. House of Representatives voted to pass legislation that would dramatically lower insurance premiums for millions of homeowners.
The measure passed 309-91, and it now moves to the Senate where a vote could come within the week.
According to USA Today:
Under the House bill, called the Homeowner Flood Insurance Affordability Act, premiums under the National Flood Insurance Program (NFIP) could increase no more than 18% per property annually.
The issue has been a key one for REALTORS®, who said the steep premium increases could have made it prohibitive to buy property. Many Illinois communities are among those affected by increases unless Congress acts.
According to the National Association of REALTORS®:
As the leading advocate for homeownership and housing issues, NAR applauds this bill, which protects homeowners from the drastic premium increases that went into effect on October 1, 2013, and holds the Federal Emergency Management Agency accountable for any flood insurance policy changes.
