Washington – The House of Representatives passed H.R. 3959, which would gradually phase out some of the subsidies in the National Flood Insurance Program (NFIP).
The bill would require any purchaser of a pre-FIRM (Flood Insurance Reform and Modernization) ACT primary residential home that costs $600,000 or higher to pay phased-in actuarial flood insurance prices using the same phase-in structure that non-residential and non-primary homes are currently subject to in the FIRM Act as passed by the House of Representatives.
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