By Amber Bass
Legislators reached a deal Monday which delays the Biggert-Waters Flood Insurance Reform Act for four years. In effort to alleviate the National Flood Insurance Program, Congress passed this act last year. The program is sinking fast with $25 billion dollars of debt. Though the law eliminates flood insurance subsidies the price of the insurance would increase to unmanageable fees for everyday participants. Not only would homeowners with the need of insurance be affected but new buyers would be extremely deterred by the possible increase in required insurances. The new legislation approved Monday calls for a four-year delay in most rate hikes and obligates FEMA to administer an affordability study and put forward regulations that concentrate on affordability issues.
Flood insurance increase temporarily tapped out
