Morning Minute: Bill to delay higher flood insurance rates passed by U.S. Senate

In a win for homeowners, the U.S. Senate this week passed the Homeowner Flood Insurance Affordability Act, which adds a four-year delay on insurance rate increases “triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates,” the National Association of REALTORS® (NAR) reports.

The bill, which now heads to the U.S. House, has been a legislative priority for REALTORS® who are concerned the proposed insurance rates are excessive and inaccurate.

Read more from NAR about the legislation and the National Flood Insurance Program.

In other headlines:

Strong year for home sales in Illinois – Daily Herald

House Flips Up 16% as Prices Rebound – REALTOR.com

December Pending Home Sales Fall – NAR

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