This week the US Senate is expected to vote on a House bill that delays a massive rate hike in flood insurance policies.
It’s a rarity for the entire Florida congressional delegation to agree on anything, but last week all 27 members of the state’s House delegation supported the new flood insurance proposal. It would give homeowners in flood prone areas relief from massive rates hikes. The sudden spike in rates is tied to a two thousand twelve law that attempted to pay for the $24 billion dollars of debt the program accrued due to Hurricane Katrina. Florida Republican Congressman Vern Buchanan says the legislation is vital for many families.
“We got a lot of people that were fearful of losing their home. Where premiums $400 and it went to $4,000. And I’m not just talking about rich people on the water. I’m talking about the average person that’s got a home that they’ve paid for, but maybe they’re counting on their social security to pay for the insurance. So it’s been a gigantic issue.”
Now the House version either has to be reconciled with the Senate passed bill or - what's increasingly looking more likely - the Senate will just pass the House bill as early as this week. The Senate bill extends the relief to second properties while the House version doesn't.