Policyholders who have long-enjoyed subsidized rates under the debt-ridden National Flood Insurance Program will see premiums rise steadily in the coming years.
Congress passed a bill scaling back flood insurance premium increases, allowing below-market insurance rates to be passed on to people buying homes.
Action means Metro-East homeowners won’t be forced to buy flood protection.
U.S. House passed the Flood Insurance Reform Act.
“They won’t give you a clear answer,” said Larry Case, executive vice president of the Missouri Association of Insurance Agents.
With forecasts calling for prolonged flooding along the Missouri River, the Missouri insurance department wants the 30-day coverage period for relocated items extended.
Illinois Department of Insurance says to be ready for rising waters this spring
The bill mirrors one Costello introduced in the last congressional session.