White House officials say President Barack Obama will sign into law the legislation that will limit the yearly increases to flood insurance premiums paid to the National Flood Insurance Program (NFIP).

The Homeowner Flood Insurance Affordability Act restricts premium increases to no more than 18 percent per property, per year. The U.S. Senate approved the bill with a 72-22 vote last week following passage from the U.S. House of Representatives earlier this month.

“That passing was huge,” said U.S. House Rep. David McKinley (R-WV, 1). “That truly is. I hope people can fully appreciate the magnitude of getting that thing corrected.”

To read entire article, click here.