WASHINGTON- Lawmakers have reached an agreement to delay flood insurance rate increases for millions of homeowners.
The deal address the Bigger-Waters Flood Insurance Reform Act, which would make the nation's flood insurance program more financially sound. The act eliminated subsidies given to homeowners, which in turn, caused rates to increase dramatically.
A new deal will delay the hikes for 4 years, and requires FEMA to complete an affordability study before increasing premiums in the future. The Senate is expected to file the measure Tuesday.