Senate Approves Bill to Curb Flood Insurance Hikes

The Senate today went along with the House of Representatives by passing a bill to reverse flood insurance reforms and curb flood insurance premium increases.

The Senate approved H.R. 3370, the “Homeowner Flood Insurance Affordability Act of 2013,” by Sen. Bob Menendez (D-N.J.) and Rep. Michael Grimm (R-N.Y.).

The bipartisan bill unwinds some of the changes in the National Flood Insurance Program (NFIP) introduced by the Biggert-Waters Flood Insurance Reform Act of 2012. It amends certain provisions that are causing premiums to jump in some parts of the country.

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