The U.S. House of Representatives today passed the Homeowners Flood Insurance Affordability Act, which delays a price increase for flood insurance premiums. Congressman Eliot Engel, a senior member of the House Energy and Commerce Committee, co-sponsored the bill.
"Superstorm Sandy was about to hit my constituents in their pocketbooks. Flood insurance premiums were set to skyrocket and in some cases soar as high as an extra $10,000 a year unless Congress took some sort of corrective action."
"I think we can all agree that we want to address the fiscal concerns faced by the National Flood Insurance Program -- but these steep, immediate rate hikes are not the way."
The bill repeals premium hikes and reinstates "grandfathered" rates for properties that were remapped into higher-risk areas.