Possible Relief for Louisiana
Home Owners and Buyers!
As of Tuesday March 4th, the House of Representatives has passed a bill that will avoid premiums on flood insurance from sky rocketing. The bill is still not yet passed into law due to the fact it must be concurrently passed by the Senate and signed by President Obama. However, it is a great sign that other members of Congress care about the communities of the coastal regions in the US. Many House members found it unfair that people who choose to live in coastal regions should be indirectly forced out of the area by high flood insurance premiums. The main effect of the bill will limit yearly premium increases to around 15%, and prevent any individual policyholder from paying more than an 18% increase. The bill is also hopeful that it will motivate FEMA to reach a goal where most policyholders will pay no more than 1% of the value of their insurance coverage. (Example: $3,000 for a $300,000 policy). The bill also contains a grandfathering provision that states homes which complied with previous flood maps will not see an increase even if new maps status of the Bill.
Louisiana Homes and Land Team
(225)-571-8667
Take Advantage of the Possible Insurance Relief with
one of these beautiful homes
Take Advantage of the Possible Insurance Relief with
one of these beautiful homes
No comments:
Post a Comment