WASHINGTON, D.C. (WTXL) - Florida Senator Bill Nelson is supporting the Senate's approval of a measure delaying flood insurance rate hikes.
The Senator was in favor of Thursday's 67-32 vote delaying some of the rate increases in the Biggert-Waters act. The vote delays the hikes by four years, during which time FEMA will study the affordability of the policy.
“We are finally coming to the point at which we can grant homeowners and businesses some relief from the huge, gargantuan – sometimes tenfold – increases in flood insurance premiums,” Nelson said.
The Biggert-Waters act went into effect on October 1 of last year, drastically raising federal flood insurance premiums for homeowners in low-lying and flood-prone areas. The program was originally designed to make up for funding shortfalls caused by the influx of insurance claims following Hurricane Katrina.
The legislation delaying the flood insurance rate hikes now heads to the House of Representatives.