HR 3370 Homeowner Flood Insurance Affordability Act of 2014 – Installment Payments

Continuing our review of HR 3370 Homeowner Flood Insurance Affordability Act of 2014, one of the scariest things I have heard from residents, besides the large increase in cost, was the fact that this insurance was billed as a single payment. Some, who have visited the office, have said they could not fathom paying a couple thousand dollars for flood insurance all at one time. Section 11 of HR 3370 amends this section to establish payments can be either annual or monthly. Does not affect overall cost, but should make it a bit easier for people to pay their insurance costs.

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