Business

March 13, 2014 7:43 PM

Flood insurance rate hikes capped at 18 percent

The Senate gave final congressional approval Thursday to a bill to limit rate increases for federal flood insurance policies to 18 percent per year. The legislation also restored grandfathering so rates don’t go up when flood maps are redrawn, and allowed homebuyers to keep the same flood insurance premium subsidies the sellers had.

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