WASHINGTON – Lawmakers are poised to undo many of the changes in a bill to overhaul the federal flood insurance program after homeowners in flood-prone areas complained about sharp increases in their premiums.
The House voted overwhelmingly Tuesday night to allow sellers to confer their subsidized, below-market insurance rates to new homebuyers and lower the cap on how much flood insurance premiums can rise each year.
The Senate could soon follow. Democratic Sen. Robert Menendez of New Jersey sponsored a similar bill in the Senate. He supports the House measure, saying it would relieve thousands of homeowners of rising insurance rates.
Menendez says he hopes the Senate can soon “bring the bill over the finish line.”
