President Barack Obama signed into law on March 21 the flood insurance premium relief bill passed by a U.S. Senate vote of 72-22 on March 13.
The hard-fought law aims to hold the rising flood insurance premiums associated with the Biggert-Waters Act to 18% of a plan’s annual rate. Additionally, the law tasks the Federal Emergency Management Agency with “striving” to cap annual premiums for policyholders at 1% of their total coverage. A $150,000 policy, for example, would have a flood insurance premium of $1,500.
“We won and thousands of middle class families in Louisiana and throughout the nation are going to get immediate relief,” said Sen. Mary Landrieu, D-La., a longtime supporter of flood insurance relief.