Spending bill delays some flood insurance hikes

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Submitted: Tue, 01/14/2014 - 5:33pm
Updated: Wed, 01/15/2014 - 12:14am

Associated Press

WASHINGTON (AP) — Homeowners worried that new federal flood maps will send their flood insurance premiums skyrocketing would get some short-term relief under a provision tucked into a massive government-wide funding bill.

But other changes to the federal flood insurance program, including higher premiums on vacation homes and frequently flooded properties will remain in place, as well as a new rule blocking homeowners from passing insurance subsidies on to the people who buy their homes.

The provision by Louisiana lawmakers and political rivals – Democrat Sen. Mary Landrieu and GOP Rep. Bill Cassidy – comes as the Senate is poised to debate much broader relief to homeowners facing higher premiums.

The underlying $1.1 trillion spending bill is set for a House vote on Wednesday and Senate approval later in the week.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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