WILMINGTON, NC (WECT) – A measure that would delay steep hikes in flood-insurance rates for coastal homeowners passed the U.S. Senate Thursday.
The Homeowner Flood Insurance Affordability Act postpones parts of the 2012 Biggert-Waters Flood Insurance Reform Act until FEMA completes a study on the affordability of new flood insurance rates.
Sen. Kay Hagan (D), a co-sponsor of the bill, says if Congress doesn't act quickly, the rate increases could make flood insurance unaffordable for as many as four million homeowners and businesses.
"People in North Carolina who have played by the rules, they shouldn't reach financial ruin because of changes that have taken place with flood insurance rates," said Hagan.
The bill now moves to the House. The White House opposes the measure, saying it threatens the financial health of the national flood insurance program.
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