WASHINGTON- The House approved legislation to roll back an overhaul of the National Flood Insurance Program.
The measure addresses the 2012 Biggert-Waters Flood Insurance Reform Act, aimed at getting the FEMA program out of debt. In part, the plan called for homeowner subsidy cuts, sending premiums through the roof.
The House bill would allow sellers to pass along their subsidized, below-market insurance rates to new buyers, and lowers the cap on how much premiums can rise each year.
In response to the vote, Congressman Vern Buchanan says "today's bill is a victory for thousands of struggling homeowners in Sarasota and Manatee Counties." Rep. Buchanan is urging the Senate to pass the bill as well.