The Senate agreed with the House, which passed H.R. 3370, the Homeowner Flood Affordability Act, to rescind the massive flood insurance premium increases scheduled to double, triple or quadruple the cost of this protection. The Act, sponsored by Senator Menendez (D-New Jersey) and Representative Michael Grimm (R-New York), will curb the revisions to the federal flood insurance program passed in 2012.
After the House passed the bill on March 4, 2014 by a 306-91 vote, the Senate equally overwhelmingly passed the measure 72-22. This measure “grandfathers” policy costs for homes in flood plains on the newly revised maps.
Homeowners around the country displayed their anger and fear about these premium increases and Congress listened. The result was this rare bipartisan collaboration, with most key players supporting the measure. While the Senate originally passed a more wide-ranging bill (S. 1926), for expediency reasons, it finally supported the House version.
The bill already has been sent to the White House for the President’s signature. President Obama has indicated he will sign the measure into law, as written.
If you want to get a more detailed explanation of the changes that will take effect under the Grimm-Waters Act, contact the Allan M. Block Agency. Since 1959, the Allan M. Block Agency has helped clients get the affordable coverage they need to feel safe and secure. Contact their professionals today for valuable advice and competitive cost comparisons.