Written by Adam Bermudez
Photo c/o aoc.gov.
The US Senate voted 67-32 on Thursday to wait four years to raises
flood insurance premiums.
“..The bill before us provides some relief for homeowners facing huge
rate increases, while preserving rate decreases for homeowners that
are currently eligible for them,.” said Senator Carl Levin (D-MI).
The “Homeowner Flood Insurance Affordability Act of 2014”, sponsored
by Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.), provides relief
to residents of waterfront communities like Locust Point and City
Island, whose rates would increase exponentially without the
legislation.
As The Insurance Journal explains,
“The Senate bill would halt premium hikes by retaining most flood
insurance subsidies for four years to give the Federal Emergency
Management Agency (FEMA) time to complete an affordability study and
guarantee that its flood maps are accurate. The bill would also
grandfather low rates for homeowners placed into a flood zone for the
first time or moved into a higher-risk flood zone due to remapping.”
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