Wednesday, March 5, 2014

U.S. House overwhelmingly passes flood insurance relief bill

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Flood Insurance News 
Republicans joining Democrats to meet a required two-thirds majority Vote. 
They now have something to take to the tenant.
Today, the vote was unanimously agreed in the House,  helping bring some sanity to the abrupt change in flood insurance policy that came in to effect Oct 1 2014, numbing the dream of affordable beach home ownership.

"Owners of grandfathered second homes and commercial property would also be spared, but older properties of the same type built before the Flood Insurance Rate Maps are not covered by the legislation and could face significant increases. Passage of the bill was a rare show of bipartisanship in the typically discordant House. And it came despite significant opposition from conservatives, budget watchdog groups and some environmentalists who said the 2012 reforms were needed to shore up the National Flood Insurance Program, which is more than $24 billion in debt, and to wean people off government subsidies. Alex Leary, Times staff writer 
Read the artilce here:

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