Posted: Mar 4, 2014 4:57 PM
Updated: Mar 4, 2014 6:11 PM
Source: Associated Press
WASHINGTON - The House has approved legislation to roll back a recently enacted overhaul of the federal flood insurance program, after homeowners in flood-prone areas complained about sharp premium increases.
Lawmakers approved the bill, 306-91, Tuesday night. The measure would allow sellers to pass along their subsidized, below-market insurance rates to new buyers and lower the cap on how much flood insurance premiums can rise each year.
Republican Rep. Michael Grimm of New York says the bill will ensure that families across the country, including those still struggling to recover from Superstorm Sandy, can avoid a wave of devastating premium hikes and foreclosures.
The bipartisan bill would tone down a 2012 law aimed at weaning hundreds of thousands of homeowners off subsidized flood insurance rates.
It now goes to the Senate.