Proposed legislation would delay flood insurance hikes - FOX 13 News

Proposed legislation would delay flood insurance hikes

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TAMPA (FOX 13) -

There's a deal in Congress to delay flood insurance rate hikes, Florida Senator Bill Nelson said Monday.

The legislation is expected to be filed in the Senate Tuesday, according to a media release from Sen. Nelson's office.

It would delay the rate hikes for four years, and require FEMA to complete an affordability study before increasing any flood insurance premiums in the future.

Nelson said he had proposed his own legislation that would have delayed the hikes for about a year.

But this legislation was put together by a bi-partisan group of lawmakers from Gulf Coast states.

Last year, Congress passed the Biggert-Waters Flood Insurance Reform Act to make the nation's flood insurance program more financially sound.

Biggert-Waters eliminated certain subsidies on many homeowners' flood insurance policies. When those subsidies expired on October 1, residents began to see their rates increase drastically.

Pinellas County in particular would have been extremely hard-hit by the increases.

Florida's rates were not known until mid-August.

Lawmakers say attempts to bring up the legislation were halted during the recent government shutdown. Now, they say are asking legislative leaders to bring the new proposal up for a vote.

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