WASHINGTON – July 19, 2014 – (RealEstateRama) — Rep. Bill Cassidy (R-LA) announced that the National Flood Insurance Program (NFIP) is continuing to implement the Grimm-Cassidy Substitute Amendment to the Homeowner Flood Insurance Affordability Act of 2014. Insurance companies will begin to issue refunds for applicable policyholders beginning October 1, 2014. All checks are anticipated to be written by the end of the calendar year.
Dr. Cassidy offered the following statement:
“On October 1, families who overpaid prior to the Grimm-Cassidy Amendment to the Homeowner Flood Insurance Affordability Act will begin receiving refunds. As so many families are struggling in today’s economy, ensuring that families receive these refunds as quickly as possible must be a priority.”
Dr. Cassidy previously announced that as of May 1, people who purchased new homes after Biggert-Waters became law, or who didn’t have insurance before that date, or whose insurance lapsed, will revert back to premium schedules in effect Oct. 1, 2013.
The Grimm-Cassidy Substitute Amendment to the Homeowner Flood Insurance Affordability Act (H.R. 3370) reinstates grandfathered rates, repeals the home sale/new policy rate increase trigger, provides refunds for people who bought pre-FIRM subsidized homes without being informed of rate increases and caps flood insurance rate increases, among other things.
Signed into law on March 21, 2014, the Grimm-Cassidy Amendment was supported by a broad bi-partisan coalition of Members of Congress, realtors, homebuilders, credit unions, bankers and over 200 stakeholder groups around this country.
