Under Grimm-Cassidy, as of May 1, people who purchased new homes after Biggert-Waters became law – or who didn’t have insurance before that date, or whose insurance lapsed – reverted back to premium schedules in effect Oct. 1, 2013. Most homeowners who overpaid for flood insurance did so during the seven-month retroactive period.
Grimm-Cassidy reinstates grandfathered rates, repeals the home sale/new policy rate increase trigger, provides refunds for people who bought pre-FIRM subsidized homes without being informed of rate increases and caps flood insurance rate increases, among other things.
Cassidy says the average refund will be about $100, but that varies significantly depending on the home.
Signed into law on March 21, 2014, the Grimm-Cassidy Amendment was supported by a broad bi-partisan coalition of Members of Congress, Realtors, homebuilders, credit unions, bankers and over 200 stakeholders.
Information and article from – http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=314032.