Help For Those That Need Flood Insurance
The Massachusetts House of Representatives has unanimously approved a bill aimed at softening the impact of new federal flood insurance rules on many coastal homeowners.
The measure would tie the level of flood insurance that must be purchased to a homeowner’s outstanding mortgage balance, rather than the full replacement value of the home.
Lawmakers representing coastal districts said during Wednesday’s debate that constituents were facing dramatic increases in flood insurance premiums as a result of the new rules that were put into effect in an effort to keep the National Flood Insurance Program solvent.
The bill now goes to the Senate.
The U.S. House voted last week to roll back some provisions of the federal law, while the Senate has backed a measure calling for a four-year delay in implementation of the law.