'Flood insurance didn't work great with the old rates. The whole process is broken'
Stephen Nelson and Mary Anne Mayo are still struggling with the destruction from Superstorm Sandy, nearly 18 months after it swept through their Westport home, taking their first-floor belongings into the Saugatuck River. The couple, relying on federal flood insurance, has made repairs while considering major reconstruction work such as raising the house to comply […]
Homeowners in flood-prone areas complained about sharp increases in premiums
Less than two years after Congress approved a landmark bill to overhaul the federal flood insurance program, lawmakers are poised to undo many of the changes after homeowners in flood-prone areas complained about sharp increases in premiums. The House overwhelmingly passed a bill Tuesday night that would allow sellers to give their subsidized, below-market insurance […]
The 67-32 vote reflects widespread concern about changes enacted two years ago to shore up the program's finances.
The Senate has passed a bill to delay premium hikes for years on hundreds of thousands of homeowners who buy flood insurance from the federal government. The 67-32 vote reflects widespread concern about changes enacted two years ago to shore up the program’s finances. The changes are producing sky-high insurance rates that are unaffordable for […]