The House and Senate Vote to Roll Back National Flood Insurance Program Premium Increases

Congress has officially placed the bipartisan Homeowner Flood Insurance Affordability Act in hands of President Obama.  If enacted, it will undo significant provisions of a 2012 law that caused sharp flood insurance rate increases. On March 4, the U.S. House of Representatives voted 306-91 to pass the Homeowner Flood Insurance Affordability Act of 2014, H.R. 3370.  This repeals portions of the Biggert-Waters Flood Insurance Reform Act.  Just yesterday, March 16, the U.S. Senate voted 72-22 to approve the bill and send it to the President for his consideration. For those who don’t remember the Biggert-Waters Act, it was passed back in 2012 with overwhelming support in both houses of Congress.  It called for changes to the National Flood Insurance Program. …