Flood insurance changes deemed ‘murky’

TS_178011209_360x235_72DPI_RGB

WASHINGTON — On March 21, President Obama officially signed the Homeowner Flood Insurance Affordability Act of 2014 into law, according to the Daily Commercial.

The Homeowner Flood Insurance Affordability Act basically slows down the rate of increase by instructing FEMA to increase premiums for most subsidized properties by no less than 5 percent and no more than 18 percent annually, the article stated.

According to the article, the Act removes the mandate of automatic full-rate increases when a property is transferred; however, the newly acquired property is still subject to yearly increases.

The new law creates a $25 surcharge for all residential flood insurance policies and a $250 surcharge on other properties to offset the subsidized policies in flood zones, the article noted.

This is the federal government’s attempt to cover costs, but the numbers simply do not add up, the article added.

Click here to read the article in its entirety.

Cleanfax Staff

Cleanfax provides cleaning and restoration professionals with information designed to help them manage and grow their businesses.

Follow Cleanfax Staff

Related Posts

Share This Article

Join Our Newsletter

Expert Videos

Popular Content

Digital Marketing - Part 1

The Digital Marketing Demystified Series—Part 1: World Class Email Marketing

AI Salesperson

Is AI Going to be the Death of the Salesperson?

slow economy

5 Marketing Strategies for Carpet Cleaning Businesses in a Potential ‘Slow Economy (the “R” word)’

link building

The Power of Link Building for Your Cleaning Company’s Success

Cleanfax March/April 2023 digital

Cleanfax March/April 2023 Digital Edition Online Now

Polls

With the global transition to electric powered vehicles based on improvements in battery technology, do you see electric-powered truckmounts becoming standard anytime in the future?

View Results

Loading ... Loading ...

Upcoming Events

February 21, 2023

Simply Irresistible: How To Create Marketing Messages To Find New Customers