Senate legislation to delay some flood insurance rate increases for four years was unveiled late last week.
With the support of 18 senators, the bill looks to stop–except for second homes and businesses–scheduled National Flood Insurance Program rate hikes mandated by 2012′s Biggerts-Waters Act reauthorizing the program.
Rep. Maxine Waters, D-Calif., a named sponsor of the 2012 law, announced that she would introduce companion legislation in the House. Her likely co-sponsor is Rep. Michael Grimm, R-N.Y.
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