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Senate Passes Measure to Delay Hikes on Flood Insurance Rates

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TWC News: Senate Passes Measure to Delay Hikes on Flood Insurance Rates
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The Senate has passed a bill to delay premium hikes for homeowners who buy flood insurance from the federal government.

Under the measure, huge premium increases under a law aimed at shoring up the nearly bankrupt flood insurance program would be delayed for up to four years.

During that time, the Federal Emergency Management Agency is supposed to determine how to make the rates affordable while still sustaining the program's finances.

"To have a homeowner who puts their whole life into their home, for an average family, your home is your piece of the rock, and to have the rug pulled out from under you by FEMA through no fault of your home is an earth-shattering experience," said Sen. Charles Schumer.

The bill also includes a provision requiring FEMA to figure out how to prevent premium increases for homes that can't be raised above the floodplain, an issue facing many Hurricane Sandy victims.

The legislation faces an uphill climb in the House.

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