FLOOD LEGISLATION PASSES HOUSE

On Tuesday of this past week, the US House passed the “21st Century Flood Reform” revised bill with a 237-189 vote.  This bill had several compromises compared to the original bill text from June.  Items that were removed from the original bill include the prohibition on flood insurance for new construction in the flood zone and The prohibition of coverage on properties with $1M replacement costs.

 

We have a full summary of the bill on our website HERE (at the bottom of the page)

 

It is unclear at this time whether the Senate will consider the House package. The ball is now in the Senate’s court.  There is an indication that the Senate will focus on its own bill.   Importantly, the flood program expires December 8th.  There are talks of a short term extension of 3 months, 6 months, and possibly a year.

 

We will keep you posted during this busy legislative season

 

For all current pending Senate bill language, click HERE