Over the past several days there have been numerous media reports regarding a bipartisan agreement on the part of many members of Congress to delay the rate increases mandated Biggert-Waters Flood Insurance Act of 2012.
I have received a myriad of emails, telephone calls and have been stopped in the street by individuals who have interpreted these reports as meaning that the insurance rate hikes have been delayed for 4 years.
That is not the case.
This proposed legislation still has along and arduous road to travel in order to be introduced, accepted, debated and voted upon by both the House and the Senate before being presented to the President for his approval.
(Refer to video above)
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