The House last week passed legislation (H.R. 5114) that would reauthorize the National Flood Insurance Program for five years and make several changes to the program. Among other things, the bill would create and phase in a new risk-rate schedule for homeowners in newly designated special flood-hazard areas; increase the program’s coverage limits and allow premium increases of up to 20 percent annually.

The Senate must still consider the legislation. The flood insurance program, which has lapsed three times this year, is currently authorized through September. Read more here.

Source: ABA Daily Newsbytes