The Senate voted Thursday to approve legislation that would block huge increases in federal flood insurance premiums.
The bill will now go to President Obama, who is expected to sign it.
The Homeowner Flood Insurance Affordability Act would limit premium increases under the National Flood Insurance Program to no more than 18 percent annually.
The law also reinstates grandfathered flood insurance rates. Families that built their homes to existing code and never substantially flooded would not face the unrealistic rate hikes under the Biggert-Waters Flood Insurance Reform Act of 2012. The bill also removes the home sale trigger. Currently, if a home is sold, the new owner would face a much higher flood insurance rate. This legislation removes that trigger, so flood insurance rates remain affordable even after the sale of a home.
