ROCKY MOUNT —
WASHINGTON (AP) — House GOP leaders are putting the final touches on legislation that would significantly weaken a recently enacted overhaul of the much criticized federal flood insurance program, easing many premium increases and allowing below-market rates to be passed on to people buying homes with taxpayer-subsidized policies.
The new law was enacted in 2012 and was aimed at weaning hundreds of thousands of homeowners off of subsidized rates and required extensive updating of the flood maps used to set premiums, but its implementation has stirred anxiety among many homeowners along the Atlantic and Gulf coasts and in flood plains, many of whom are threatened with unaffordable rate increases.
GOP aides say the measure would also repeal a provision that threatens hundreds of thousands of homeowners with huge premium increases under new and updated government flood maps. Those homeowners currently benefit from below-market rates that are subsidized by other policyholders and the new legislation would preserve their “grandfathered” status. The aides required anonymity because the measure is still being finalized and hasn’t been publicly released. The aides requested anonymity because the measure is still being finalized and hasn’t been publicly released.
For the complete story, see today's print edition of The Daily Southerner.