In a 67-32 vote, the U.S. Senate has passed a bill to postpone steep increases in flood insurance rates across the country, the National Association of Realtors announced today.
The Homeowner Flood Insurance Affordability Act calls for a four-year delay on rate increases triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates. The bill also creates an advocate within the Federal Emergency Management Agency (FEMA) to investigate homeowner complaints regarding rates.
The measure now goes to the U.S. House of Representatives where it currently has 181 co-sponsors in favor of the bill — 30 votes shy of a House majority, NAR said.
“NAR will redouble its efforts there to persuade the House leadership to bring a similar bill up for a floor vote at the earliest opportunity,” the trade group added.