Posted: Jan 16, 2014 11:26 PM by Trey Schmaltz
Updated: Jan 17, 2014 7:09 AM
WASHINGTON- A spending plan approved by Congress Thursday includes temporary relief for some homeowners who face skyrocketing flood insurance rates.
The measure postpones rate increases for people who have had the same flood insurance policy since about June 2012. For newer homeowners and policy holders, there will be no relief immediately. Although, members of Congress said they are working on bills to ease the burden on those people.
Rates have gone through the roof for many people when rules and regulations changed. Some people said it meant they'd have to file for bankruptcy since they could no longer afford to insure their homes.
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