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Sen. Landrieu Announces Start of Flood Insurance Refunds

Sen. Mary L. Landrieu, (D-La.), chair of the Senate Committee on Energy and Natural Resources, has announced that residents will now begin receiving flood insurance refunds as a result of the Homeowner Flood Insurance Affordability Act (H.R. 3370) that became law earlier this year...
October 9, 2014

Sen. Mary L. Landrieu, (D-La.), chair of the Senate Committee on Energy and Natural Resources, has announced that residents will now begin receiving flood insurance refunds as a result of the Homeowner Flood Insurance Affordability Act (H.R. 3370) that became law earlier this year. "I will continue to hold FEMA accountable throughout the implementation process to ensure that homeowners get the refunds and relief they deserve," she said.

The refunds are tied to legislation that modified a 2012 law and reinstated some subsidies that had been eliminated, and some are due to premium hikes over the 18 percent limit established by the 2014 Flood Insurance Affordability Act. The refunds will be dispensed by the end of 2014 by the National Flood Insurance Program's (NFIP's) Write Your Own insurance companies that help administer the program. Between 1 million and 5.5 million policyholders could receive a refund.

PIA successfully supported and advocated for mitigation and grandfathering provisions that were included in H.R. 3370. "As insurance agents, we have to support risk-based rating, but we want to do it on an affordable basis," said PIA National President Richard A. Clements, who is also chairman of the Flood Insurance Producers National Committee (FIPNC).

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