Senate votes to delay flood insurance hikes…. January 31, 2014

Now onto the House.

Setting aside objections from the White House and fiscal watchdogs, a bipartisan Senate majority voted Thursday to delay rate increases in federal flood insurance for coastal property owners from Maine to California.

The 67 to 32 vote reflected mounting political opposition to big insurance hikes that Congress passed in 2012 to prop up the nation’s nearly bankrupt flood insurance program. The bill, which faces an uncertain outcome in the House, would delay the increases for up to four years for hundreds of thousands of property owners across the country, including tens of thousands in Massachusetts.

The measure also postpones the adoption of a new set of official flood maps for coastal regions, which would have dramatically expanded areas designated as prone to floods and required thousands more to obtain costly insurance.

 

 

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