This bill will now be called the Grimm-Waters bill and takes back the Biggert-Waters bill and stops it in the path it was on. This is a huge win for Homeowner’s and the Real estate industry. The homes that were always, Location, Location, Location, also were huge targets for Biggert-Waters. Older homes that are Pre- Firm or on the water were most likely to be hit hard. Grimm-Water’s will allow the Subsidies to come back and cap Price increases. The rule will be 10-18% or a max of 1% of coverage A which will be $250 at most per year. Obviously Flood Insurance rates still have to increase for FEMA to pay back the Fed on it’s bail out since they are still in debt about 25Billion. FEMA seems to be taking the blame for all of this, but I do not see it this way. FEMA simply rolled out the bill passed in July 2012 and now they will roil out this bill. This is an election year so Politics won this fight for now, but a win is a win for a short While Florida Politicians in Tall. will still be forging on with a Private Flood bill because this bill will still have to be changed after FEMA completes a Feasibility study for 3 years or so and then decide what else they can do. Lot’s of Information to Inhale, but residents of Fort Lauderdale, Tarpon Springs and all along the coastline of Florida will now rest easier for a few years. Please read the full article below. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

http://www.insurancejournal.com/news/national/2014/03/04/322194.htm

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