What happened:
In early March, the House of Representatives passed a bill to protect homeowners from major increases in their flood insurance premiums. Read more here from CNBC.
What it means to home buyers:
The bill would limit annual increases of individual flood policies to no more than 18 percent under the National Flood Insurance Program. Further, home buyers will now pay a subsidized premium at first rather than a higher rate reflecting true flood risk.
What you can do now:
Hampton Roads is one of the most at-risk flood regions in the country. It’s important to know all you can about flood insurance and risk before purchasing a house.