Flood insurance rate hikes aren't likely to be delayed: report
Efforts to delay sharp increases in some flood insurance premiums for consumers appears to be stuck at an impasse -- legislation passed by Congress last year looks set to take effect despite efforts to delay the new law from taking effect by some on Capitol Hill.
The law, the Biggert-Waters Flood Insurance Reform Act of 2012, has had so many unintended consequences that even the legislators whose law bears their names have tried to stop its implementation by introducing legistlation to delay rate increases for up to four years. They're not having much success:
Efforts to delay implementation of changes in the federal flood insurance program have run into roadblocks on both sides of Capitol Hill.
The leaders of the House Financial Services Committee say they are standing behind last year’s bipartisan legislation to put the flood insurance program on sounder financial footing even as the implementation of the law has sparked a chorus of complaints from constituents fearing spikes in premiums and plummeting home values.