Senate Votes To Delay Flood Insurance Rate Hikes

Law360, Washington (January 30, 2014, 4:11 PM EST) -- The U.S. Senate on Thursday passed legislation delaying mandated premium hikes and other adjustments to the government-backed National Flood Insurance Program, a measure that bill sponsor Sen. Bob Menendez, D-N.J., claimed will protect homeowners from “astronomical” rate increases.

Senators voted 67-32 to pass S. 1926, the Homeowner Flood Insurance Affordability Act, after rejecting several proposed amendments earlier on Thursday. The bill pushes back previously mandated premium hikes and cuts to insurance subsidies for the NFIP until after the Federal Emergency Management Agency carries out an affordability...
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