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updated: 3/14/2014 7:43 AM

Obama to sign relief from flood insurance hikes

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Associated Press

WASHINGTON -- President Barack Obama is set to sign into law a bipartisan bill relieving homeowners living in flood-prone neighborhoods from big increases in their insurance bills.

The legislation reverses much of a 2012 overhaul of the government's much-criticized flood insurance program after angry homeowners facing sharp premium hikes protested.

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A Senate vote Thursday sent the House-drafted measure to Obama. White House officials say he'll sign it.

The bill will scale back big flood insurance premium increases faced by hundreds of thousands of homeowners. The measure also will allow below-market insurance rates to be passed on to people buying homes in flood zones with taxpayer-subsidized policies.

Critics say Washington is caving to political pressure to undo one of the few recent overhauls it's managed to pass.

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