A house in Toms River, N.J., is being elevated in a neighborhood flooded by Superstorm Sandy. A bill passed by Congress on Thursday scales back drastic increases in flood insurance rates in places including the Jersey shore.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, which cleared Congress on Thursday, reverses much of a 2012 overhaul of the government’s much-criticized flood insurance program after angry homeowners facing sharp premium hikes protested.
The Senate’s 72-22 vote sent the House-drafted measure to Obama. White House officials said he’ll sign it.
The bill would scale back big flood insurance premium increases faced by hundreds of thousands of homeowners. The measure also would 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 has managed to pass.