Flood Insurance Reform passes Senate, will save Louisiana homeowners from crippling rate hikes
POSTED: Friday, January 31, 2014 - 12:32pm
UPDATED: Friday, January 31, 2014 - 12:44pm
BATON ROUGE, LA (NBC33) — The United States Senate passed legislation on Thursday that will delay crippling flood insurance rate hikes for the nearly half a million homeowners in Louisiana, and many others across the country.
One of the Senators leading the coalition to help families living in coastal areas was Louisiana Senator Mary Landrieu, who partnered with other legislators like Bill Nelson of Florida and Bob Menendez of New Jersey to gain bipartisan support for the reforms.
Opponents of the bill say that the decision makes the positive reforms made in 2012 are now threatened. Supporters of Thursday’s bill say the hikes would have hurt real estate markets and home prices.
Read the original story: Most vulnerable flood zone residents not impressed with flood insurance bill