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By: Stephen Bates

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Saturday, 1-Feb-2014 19:49 Email | Share | Bookmark
House Gop Question Changes In Flood Insurance Bill

Bob Menendez, D-N.J., who supported holding off the rate increases. "That's going to drive down property values as the housing market is struggling to recover." In many cases the changes in the flood insurance program produced unexpected, sky-high insurance rates that are unaffordable for many homeowners in flood-prone areas whose insurance has historically been subsidized by the government and other policyholders. The Senate bill would put off for up to four years huge premium increases that are supposed to phase in next year and beyond under new and updated government flood maps. It also would allow homeowners to pass below-cost policies on to people who buy their homes. People who have recently bought homes and face sharp, immediate jumps in their premiums would see those increases rolled back. The overhaul passed in 2012 it too was on a bipartisan vote was supposed to increase premiums on subsidized policies, but the beleaguered Federal Emergency Management Agency has struggled to implement it. FEMA has failed to complete a website study of ways to make flood insurance sites more affordable and has moved here come under assault for new flood maps that have decreed some never-flooded communities at risk. <br>More:

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