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Flood Insurance Changes Could Drown Housing Markets

A new federal law that is intended to overhaul the nation’s flood insurance system could have devastating effects on homeowners, homebuilders and others in the housing industry in coastal and flood-risk areas. President Obama signed the Biggert-Waters Flood Insurance Reform Act into law in July of 2012, and it is being phased in over time. Much of the nation is not even aware of this legislation and its potential impact on American consumers and the housing markets, but the changes have many homeowners, homebuilders, real estate agents and government officials in coastal and flood-prone states scrambling. The Biggert-Waters Act seeks…

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