WASHINGTON (AP) — The Senate is on track to pass bipartisan legislation to delay controversial flood insurance rate increases for hundreds of thousands of people.
The legislation could pass as early as Wednesday. It would delay for up to four years premium increases set to phase in next year and would allow homeowners with subsidized insurance policies to pass them on to people who buy their homes.
A sweeping overhaul passed in 2012 was designed to make the federal flood insurance program more financially stable and bring insurance rates more in line with the real risk of flooding.
The new rates have caused panic among those facing big premium jumps as flood maps are updated in coming years.
The White House is cool to the measure but has not threatened a veto.