Millions of Americans living in high-risk flood areas are breathing a sigh of relief as the U.S Senate passed the Homeowner Flood Insurance Affordability Act by a 67-32 vote on Thursday, January 30th.
Approximately 5.5 million people currently hold flood insurance policies in more than 21,800 U.S. communities. The legislation calls for a 4-year delay on the implementation of The Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12).
BW-12 would raise premiums by thousands or even tens of thousands of dollars a year for some home and business owners, hitting coastal areas and properties near inland waterways the hardest.
The next obstacle to overcome is getting the bill introduced to the House of Representatives. Although the bill has 181 cosponsors in the House, introduction of the bill is opposed by House Speaker John Boehner. If the bill does pass the House, President Barack Obama has supposedly indicated he would not veto the bill.
Stayed tuned to see whether Congress steps up and makes flood insurance programs affordable and sustainable for the millions of Americans living in high-risk areas.
For more information on this issue:
“Another View: Don’t Block Flood Insurance Bill, Mr. Speaker”
E-News Weekly for NYS REALTORS®
“Flood Insurance Rate Hikes Causing Fear and Frustration”
“House Should Delay Flood Insurance Rate Hikes As Senate Did:Editorial”
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