Key Senate Vote on Flood Insurance Rate Delay Pushed to Next Week

The U.S. Senate is expected to take a key vote soon on a bill that would delay some of the flood insurance rate hikes triggered by the Biggert-Waters Flood Insurance Reform Act of 2012.

The procedural vote will determine whether the Senate will proceed with debate on the Homeowner Flood Insurance Affordability Act (S.1846). Sixty votes are required to move the measure to the floor for a “yes-no” vote.

Maxine Waters, one of the key initial supporters of the Flood Insurance Reform Act, now seeks to delay the effects of the bill. “Never in our wildest dreams did we think the premium increases would be what they appear to be today,” Ms. Waters told the New York Times on Monday the 29th.

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Article courtesy of the "Insurance Journal"