Last night it was announced that the US House of Representatives will vote on a bill to delay some of the flood insurance reform. This is after the House Speaker, John Boehener, refused to vote on any flood delay last week.
They are not planned to vote on the bill that passed in the senate just a few weeks ago, but rather write their own bill. A major difference between what the house plans to vote on and what passed in the senate is that the house bill will not delay the entire bill for 4 years but put a cap on increases in flood premiums on an annual basis, presumed to be 15% a year. Additionally, anyone affected by the rate increases already would receive full refund for increased premiums paid due to Biggert-Waters Flood Reform.
Here is a link to the full details. Property & Casualty 360 Website
More to come as it develops…