The U.S. House of Representatives Tuesday evening passed legislation to curb some of the premium increases in the nation’s flood insurance program that have been causing “sticker shock” for property owners.
H.R. 3370, the Homeowner Flood Insurance Affordability Act, sponsored by Reps. Michael Grimm (R-N.Y.) and Maxine Waters (D-Calif.), passed 306-91 under a “suspension of the rules” requiring a two-thirds vote in favor. The measure reverses some of the changes to the National Flood Insurance Program (NFIP) introduced by the Biggert-Waters Flood Insurance Reform Act of 2012.
Read more: http://www.insurancejournal.com/news/national/2014/03/04/322194.htm
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