There is an assumption that Congress never passes much legislation in election years. That maxim will be put to the test again in 2014.
By an overwhelming margin, the Senate in late January passed a bill that would effectively delay for up to four years flood insurance rate hikes imposed by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). The House agreed to craft its own flood rate-hike delay bill.
Why the about-face in the Senate? As BW-12 began to be implemented, many homeowners—particularly those in coastal states—discovered to their horror that premiums under the National Flood Insurance Program (NFIP) were going to rise precipitously. Some could lose their homes; others could become stuck, unable to sell because new higher premiums could scare off potential buyers.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
