A bipartisan group of Senate and House members have proposed a deal to delay flood insurance premium increases taking effect as a result of last year’s Biggert-Waters Act. The rate increases will greatly increase costs for homeowners living in flood-prone areas and could also impact the nation’s housing market.
The legislation has four principal goals: it would delay most flood insurance increases for four years; compel the Federal Emergency Management Agency to complete an affordability study mandated by Biggert-Waters; address issues found within the study; and allow Congress time to review those findings and revisions.
Rep. Maxine Waters (D-Calif.), one of the namesakes of the Biggert-Waters Act, announced the deal today. On Friday, eight Senators appealed to fellow senators for support for the bill, which would delay flood insurance rate increases for thousands of homeowners set to take effect as part of the Biggert-Waters Flood Insurance Reform Act.
As of Friday, eight senators—Mary Landrieu (D-La.), David Vitter (R-La.), John Isakson (R-Ga.), Robert Menendez (D-N.J.), Jeff Merkley (D-Ore.), Heidi Heitkamp (D-N.D.), John Hoeven (R-N.D.), Thad Cochran (R-Miss.)—had signed on as cosponsors. There has been no announcement as to of or when there might be a vote on the proposed legislation.