WASHINGTON (July 16, 2013)—A measure that has already passed in the U.S. House and that’s now in the U.S. Senate could give hundreds of thousands of homeowners a temporary reprieve from higher federal flood insurance premiums authorized under reforms passed last year.
The relief would go to homeowners in low-lying areas of Louisiana, Florida and other states where new government surveys could produce flood insurance premium increases so high that the residents might no longer be able to afford their homes.
At issue are homeowners whose flood insurance bills have historically been "grandfathered" at lower rates since they followed the rules in place at the time they bought or built their home.
Under last year's bipartisan overhaul, many of these homeowners were left facing higher premiums when new flood maps are issued.
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