The original massive premium increases in the federal flood insurance program have temporarily been revised downward. These changes affect homes and homeowners insurance in every state, including Oregon. As the new premium implementation date approached, the Oregon Department of Land Conservation and Development held free workshops near the end of 2013.
The July 2012 Biggert-Waters Flood Insurance Reform Act detailed numerous changes in the federal program. However, homeowners in some flood plains expressed both fear and anger to Congress and the White House.
Homeowners fear that many could simply not afford to pay the premium increases or, even, sell their homes, as buyers would not make offers for the same reasons, led to indignation from Americans. The reforms, however well-intended, had the opposite effect.
Targeted Oregon homeowners had valid reasons for outrage, as the reforms were fueled by massive losses cause by storms (“Sandy” and “Katrina”) that primarily affected homes along the Atlantic Ocean and the Gulf Coast. Pacific Ocean flooding was not a major issue. Congress took note of the “homeowner rebellion.”
The House overwhelmingly approved a rollback in premium hikes and the Senate agreed, passing a measure, in early March, sent to the White House for the President’s signature. The President will apparently sign the measure, which also allows home buyers to enjoy the discounted flood insurance premiums, keeping the housing market alive and rebounding.
For more information and advice, Oregon homeowners should contact the Fullhart Insurance Agency. They have been helping people in the Northwest since 1966. Their professionals understand the flood insurance changes and give you the information you need, along with affordable quotes on homeowners insurance and flood protection.