Recently , proposed changes that House Bill 3370 were requested on 2/21/14. These have not been fully approved as yet, but as you can see, we are heading in the right direction. Everything that impacts our flood premiums is not addressed here.
But these are significant improvements.
The Summary suggests changes:
- 1) Reinstates Grandfathering
- 2) Caps Annual Increase at 15%
- 3) Refunds policy holders who purchased PRE-FIRM homes after 7/6/12 and were subsequently charged higher rates without knowledge of FEMA rule changes
- 4) Permanently removes the sales trigger – Buyers treated same as current owner.
- 5) Allows for annual surcharges but only at $25 for primary residents and $250 for business and second homes.
- 6) Funds a two year affordability study.
- 7) Includes the Home Improvement Threshold – “Substantial Improvement Threshold of original 50%, not current 30%”
- 8) Additional Policies Include several other provisions, preserving basement exception, reimbursing for successful ap appeals, and more.
These are significant changes that can help our state. I will keep you informed as the vote takes place. .
- Louise Kennedy, Producer
- Alpha Insurance Agency, LLC
- 831 Lafayette St.
- Gretna, LA 70053
- Office: 504-227-1026
- Fax: 504-227-1047
- Cell: 225-270-7745
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