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Congress passes bill to delay flood insurance rate increases
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Tuesday, January 21, 2014
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It appears citizens in flood-prone areas across the country have been thrown a lifeline by Congress, who on Jan. 15 voted to delay measures for at least nine months that could cause drastic increases in flood insurance premiums.
The delayed insurance premiums were made possible by a $1 trillion government spending bill that will curtail provisions of the 2012 Biggert Waters Flood Insurance Reform Act that sought to align flood insurance premiums with the actual cost of possible flood damage to coastal areas throughout the U.S., Reuters reported.
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