This story appeared in Bank Digest.
The Senate has passed by a 67-32 margin a flood insurance relief measure (S. 1926) that will provide homeowners relief from increasing flood insurance costs unintentionally caused by the Biggert-Waters Act, a law intended to shore up the National Flood Insurance Program. The bill will delay up to four years the implementation of increases in premiums for homeowners in older homes or in homes newly mapped into the flood plain. The bill also requires the Federal Emergency Management Agency to complete an affordability study and develop recommendations for a policy to assist homeowners who cannot afford their premiums.
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