Posted 2 years ago
By Associated Press
The changes are designed to force higher premiums on properties especially at risk of flooding.
Putting into effect last year’s bipartisan legislation, aimed at placing the flood insurance program on sounder financial footing, is sparking fears of spikes in premiums and plummeting home values.
The top leaders of the House Financial Services Committee say they are standing behind the bill. In the Senate, attempts to call a quick floor vote on legislation to delay the changes appear to face opposition from both Democrats and Republicans.
About 1.1 million — or 1 in 5 homeowners in the program — have received taxpayer-subsidized rates.