Homeowners Get Flood Insurance Relief
Washington, DC, March 14, 2014 -- The Senate approved bipartisan legislation by a 72-22 vote that would block huge increases in flood insurance premiums.
President Obama is expected to sign it. The House approved the legislation last week.
The legislation, called the Homeowner Flood Insurance Affordability Act, would cap premium increases at 18 percent per property annually.
In some cases had increased tenfold.
Supporters of the bill said the premium increases were forcing some people out of their homes and keeping others from selling their homes.