WASHINGTON (January 14, 2014) Homeowners who are 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 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 that bars homeowners from passing insurance subsidies on to the people who buy their homes.
The provision by Louisiana lawmakers and political rivals Democratic Sen. Mary Landrieu and Republican Rep. Bill Cassidy comes as the Senate prepares 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 then for a Senate vote later in the week.
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