Senate passes bill to delay flood insurance hikes
WASHINGTON – Hundreds of thousands of homeowners in coastal and flood-prone areas would win protection from sharply higher federal flood insurance premiums under legislation muscled through the Senate on Thursday after angry constituents inundated Capitol Hill with complaints.
The 67-32 vote reflects widespread alarm about changes enacted two years ago to shore up the program’s finances. In many cases the changes produced unexpected, sky-high insurance rates that are unaffordable for many homeowners in flood-prone areas whose insurance has historically been subsidized by the government and other policyholders.
“Something is just terribly wrong when homeowners are more worried about raging flood premiums than they are about raging floods,” said Sen. Jeff Merkley, D-Ore.