Thursday, March 13, 2014

Breaking News: Senate Passes Flood Insurance Bill

Senate easily passes flood insurance fix

The U.S. Senate voted overwhelming today to undo massive flood insurance rate hikes that were hitting thousands of Floridians and threatening to slow down the state's housing market.
After six months of negotiations, the Senate finally passed the flood insurance fix bill that caps annual rate increases at 18 percent, grandfathers primary homes against future flood map changes that could trigger higher rates, and allows primary homeowners to sell their properties with the lower subsidized insurance rates, rather than passing on massive rate hikes to potential buyers.
Both U.S. Senators from Florida - Democrat Bill Nelson and Republican Marco Rubio - voted for the flood insurance rate fix bill on Thursday.
Because the House passed the identical bill last week, the legislation now goes to President Barack Obama for his signature. If he signs it, the new bill will become law.

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