Today the House took a first step toward alleviating flood insurance rate hikes in the most prone areas. This relief only lasts until September 30th, and the whole spending bill must be passed by the Senate and signed into lay to take effect.
Personally, I think this exacerbates the problem because it creates a lingering uncertainty in the real estate market here at home about what will happen after September 30th. A more potent bill being presented by our Senators is the Homeowner Flood Insurance Affordability Act. This will delay all rate hikes and eliminate the “grandfathering” clause that has helped many areas stay viable, such as Old Jefferson Subdivision.
As more news about these key votes comes out I will have special blog posts aside from my usual Monday and Thursday updates.
David R. Madaffari, Realtor
Keller Williams Realty – First Choice
Cell: 225.772.3283 (DAVE)
37325 Market Place Dr. Ste D
Prairieville, LA 70769
Each office independently owned and operated