TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Obama expected to OK revised flood insurance

Daily Photo Galleries

By Gannett News Service
Thursday, March 13, 2014, 8:00 p.m.
 

WASHINGTON — The Senate voted on Thursday to approve bipartisan legislation that would block dramatic increases in premiums paid by some property owners covered under the federal flood insurance program.

The 72-22 vote sends the bill to President Obama, who is expected to sign it. The House approved the legislation last week.

Under the bill, called the Homeowner Flood Insurance Affordability Act, premiums under the National Flood Insurance Program could increase no more than 18 percent per property annually.

The legislation was crafted by Rep. Michael Grimm, R-N.Y., in response to premiums that in some cases had increased tenfold.

Rep. Bill Cassidy, R-La., who worked on the compromise, said recently that the House measure strikes “the right balance” between fiscal solvency for the flood insurance program and consumer affordability.

Supporters of the measure said the premium increases were making it impossible for many people to keep their homes or sell them.

Critics say taxpayers will be left to foot the bill for the financially troubled insurance program.

 

 
 


Show commenting policy

Most-Read Nation

  1. West Virginia man dies after being shot with arrow in Wellsburg
  2. $1.5B more a year — from fees tacked onto phone bills — earmarked for faster Internet
  3. Study: At least 786 child abuse victims died despite being on protective services’ radar
  4. Detectives crack LA art heist; 9 paintings recovered
  5. Republican lawmakers vow to block confirmation of any potential ambassador to Cuba
  6. U.S., Cuba patching torn relations with historic accord
  7. Lifting limits on Cuba a boon for U.S.
  8. Conn. dentist’s license suspended over death
  9. Airships are Army’s new eyes in the sky to detect, destroy missiles
  10. Warren’s hangups over trade agenda threaten party ties
  11. 14 tied to Mass. pharmacy charged in meningitis outbreak that claimed 64
Subscribe today! Click here for our subscription offers.