A vote to delay flood-insurance rate hikes for up to four years will likely be delayed as the Senate decided to take up other issues.
The vote on a motion to proceed was supposed to be held Wednesday, however an industry lobbyist said late Tuesday that the procedural vote is likely to be delayed until later in the week because the Senate today surprisingly cleared for floor action legislation to extend long-term unemployment insurance for three months and is now engaged in a lengthy debate.
The flood bill is the Homeowner Flood Insurance Affordability Act, S. 1846.
It needs 60 votes to allow for a Senate debate on the legislation.
Supporters include the governors of more than 20 states, the National Association of Counties, thousands of homeowners impacted by exponential rate increases, Realtors, homebuilders and bankers.
Concerns about the bill have been raised by states from Hawaii to Vermont.
In the middle are the Write-Your-Own insurance companies, which deal with all but approximately 850,000 of the 5.5 million NFIP customers.
As a middle ground, the WYO companies suggested in a letter sent to the Senate today a “glide-path” with up to a 25% maximum premium increase as an alternative to a complete “roll-back” to rates pre-Biggert-Waters Act.
The letter also asks the Senate to remember that the changes cannot be made overnight and WYO insurers would need at least six months to implement them.
The letter also says that the WYO companies are prepared to meet with Congress, and “discuss and work with them” on a “targeted solution that would address the key issues.”
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