Florida representatives are turning their attention to flood insurance with a new bill and a proposition to extend a 2014 law.
Rep. Patrick Murphy (D-Fla.) and Rep. Carlos Curbelo (R-Fla.) are calling for an extension of the Homeowner Flood Insurance Affordability Act, signed by President Barack Obama on March 21, 2014, which limited yearly flood insurance premium increases for most homeowners to no more than 18%.
The law applied to owners of primary homes, second homes and rental properties, and averted sudden large hikes some homeowners faced under the Biggerts-Waters Flood Insurance Reform Act of 2012, designed to improve the finances of the National Flood Insurance Program, which has been in debt since Hurricane Katrina, reports NOLA.com.
The proposition faces opposition from some lawmakers who believe people who could afford second homes or vacation homes generally have sufficient income to pay actuarial rates for flood insurance.
