Posted: Mar 4, 2014 9:15 PM by AE Stevenson
Updated: Mar 4, 2014 9:15 PM
WASHINGTON - A bill that aims to help homeowners with increased rates of flood insurance, got the go ahead from the House of Representatives Tuesday by a vote of 306-91. The legislation will repeal a portion of the Biggert-Waters Act that got rid of grandfathering polices. For homeowners that means, if they're home is in a flood zone designated by FEMA will have protection from increased rate hikes.
Rep. Bill Cassidy worked on the amendment with Rep. Michael Grimm of New York.
Cassidy said, "today was the first step in the right direction to take into account both the fiscal solvency of the program and the ability of a homeowner to afford flood insurance."
While the measure is on the calendar or the Senate, there are some options on the table of what could happen,
The Senate could pass the House legislation as is with no changes, or they could choose to combine the bill with the Senate's version, which passed earlier this year. .
Cassidy is confident his measure will pass. "It's different policy, it's better policy and it is my cautious optimism they will pass it without amendment and it will go to the President's desk for signature."