Obama Signs Bill into Law
President Barack Obama signing a bill into law in the Oval Office on Sept. 30, 2013. Photo by Pete Souza, courtesy of The White House Flickr account.

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.  

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