WASHINGTON D.C. — An effort to a stop to rising federal flood insurance rates could make it to the U.S. House floor by the end of this week. Congressman Steven Palazzo told television station WLOX that it should be up for vote by the end of February. The Homeowner Flood Insurance Affordability Act has already passed in the U.S. Senate.
The Affordability Act delays the Biggert Waters Act of 2012 which aimed to overhaul the National Flood Insurance program, but at the same time would have raised flood insurance premiums for homeowners, in some cases up to thousands of dollars. If passed, the Biggert Waters Act would be put off until FEMA can fine tune their flood mapping charts and an affordability study can be completed.
