HR 3370 Homeowner Flood Insurance Affordability Act of 2014 – Flood Insurance Escrow Accounts

Along with the provisions mentioned earlier to allow flood insurance to be billed on a monthly basis, Section 25 creates an allowance for banks to offer escrow capabilities for flood insurance payments similar to what is provided for real estate taxes and required homeowners insurance. Such an escrow provides the homeowner ease of payment – by making all their home related monthly payments at one time – and the bank a means of ensuring all required payments are accounted for.

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