Flood Insurance Bill Ready for Obama's Pen
Legislation that would delay flood insurance premium hikes passed the Senate Thursday. That bill, H.R. 3370, passed the House March 4 and now heads to the White House for President Obama’s signature.
The bill would amend the 2012 Biggert-Waters Flood Insurance Reform Act by reinstating the grandfathering of premiums to prevent catastrophic rate increases due to Federal Emergency Management Agency remapping. The rate increases would have put a significant burden on the more than 5.6 million homeowners who are National Flood Insurance Program subscribers.