House passes flood insurance relief
WASHINGTON- The U.S. House approved a spending bill that also included relief for homeowners struggling to deal with increasing flood insurance rates.
Congressman Bill Cassidy (R-Baton Rouge) pushed the legislation through the House. The Senate is also expected to approve a four-year delay of rate hikes.
The amendment blocks flood insurance increases triggered by revisions to FEMA's Flood Insurance Rate Maps, commonly referred to as Section 207 of the Biggert-Waters Flood Insurance Reform Act, the Congressman's office said.
"Some of the reforms contained in the Biggert-Waters Flood Insurance Reform Act have the effect of eroding home values and destroying real estate markets across the country," a Cassidy's office said in a news release.
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