Senate Approves House Bill to Slow Flood Insurance Premium Hikes

The Senate previously passed a broader plan but agreed to go along with the House legislation. President Obama is expected to sign the bill.

Palm Coast, FL – March 17, 2014 – As expected, the Senate last Thursday approved a House bill that reversing recently passed flood insurance reforms (Biggert-Waters)  that would have dramatically raised premiums for many. The Senate previously passed a broader plan but agreed to go along with the House legislation. President Obama is expected to sign the bill. President Obama is expected to sign the new legislation.

The uncertainties regarding flood insurance rate hikes mandated by Bigger-Waters had put a damper on many Florida home sales. One third of the existing 5.8 million NFIP policies insure properties in Florida.