Breaking News Bar
updated: 3/21/2014 4:09 PM

Obama signs relief from flood insurance hike

hello
Success - Article sent! close
  • Associated Press/May 31, 2013Parts of Oklahoma City experience extreme flooding after multiple tornado's passed through.

      Associated Press/May 31, 2013Parts of Oklahoma City experience extreme flooding after multiple tornado's passed through.

 
Associated Press

WASHINGTON -- President Barack Obama has signed a new law that will give hundreds of thousands of homeowners living in flood-prone areas relief from big jumps in insurance costs.

Lawmakers from both parties supported the measure in response to angry homeowners who faced sharp premium hikes after an overhaul of the government's flood insurance program two years ago.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The 2012 rewrite was aimed at weaning those in flood-prone areas off of subsidized rates and required extensive updating of the flood maps used to set premiums. But its implementation left homeowners along the Atlantic and Gulf coasts and in flood plains facing unaffordable rate increases.

The new law caps flood insurance premium increases at 18 percent a year in most cases.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here