Washington DC – March 21, 2014 – (RealEstateRama) — Today the Homeowner Flood Insurance Affordability Act, H.R. 3370 was signed into law by President Barack Obama. With his signature, 5.5 million Americans including over 200,000 in Louisiana will begin to see relief from exorbitant premiums resulting from Biggert-Waters.
“This is a great day for the people of Louisiana, and for Americans living in flood zones all across the country. From the very beginning homeowners and small business owners made their voices heard that the rate increases stemming from Biggert-Waters were causing unreasonable hardship,” Said Rep. Richmond (LA-02).
“My colleagues and I heard your calls for reform and immediately got to work on a bipartisan solution and after a long journey we passed significant legislation that will ease the burden of rising flood insurance premiums. This legislation is an example of what we can accomplish when we work together on behalf of the American people. I would like to thank Senator Landrieu (D-LA), Congresswoman Waters (CA-43), and all of my colleagues in the House that played a role in the passage of this bill. While this bill does not fix all of our issues, it is a significant step toward making flood insurance affordable.”