flood insurance

The U.S. Senate approved legislation this week that would spare many Rhode Island homeowners from sharp rate hikes in their federal flood insurance policies.

The Homeowner Flood Insurance Affordability Act was passed in response to the Biggert-Waters Flood Insurance Reform Act of 2012.

The Biggert-Waters Act required the Federal Emergency Management Agency, or FEMA, to develop new rates for flood insurance premiums that more accurately reflect flood risk.

Courtesy: Sen. Jack Reed's Office

Rhode Island’s senators are applauding a 67- 32 vote passing legislation that delays a spike in flood insurance premiums. Sen. Jack Reed said the Senate took a positive, bi-partisan step, while Sen. Sheldon Whitehouse called the measure a necessary step to balance solvency of the federal flood insurance program with rate shock.