Written by Ledyard King news-press.com Washington Bureau
Flood insurance reprieve granted
Measure to hold down premiums easily clears Senate; Obama expected to sign it
WASHINGTON — Thousands of Florida homeowners facing dramatic increases in their federal flood insurance premiums won a crucial reprieve Thursday when the Senate voted overwhelmingly to cap rate hikes and provide other relief.Both Florida senators — Democrat Bill Nelson and Republican Marco Rubio — voted for the bill, which passed 72-22. It was identical to a bill the House passed overwhelmingly last week.
It now heads to President Barack Obama, who is expected to sign it.
“There are a lot of people in Florida who are going to be saved (from) unconscionable increases,” Nelson said before casting his vote.
Under the measure, called the Homeowner Flood Insurance Affordability Act, subsidized premiums under the National Flood Insurance Program can increase no more than 18 percent for primary residences and condominium associations annually, and 25 percent for secondary homes and commercial properties.
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