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Senate passes bill to delay flood insurance hikes

NHSenior Wrote: Jan 31, 2014 9:57 AM
Except to provide "affordable" flood insurance for the rich, the famous and the Congress.

WASHINGTON (AP) — Hundreds of thousands of homeowners in coastal and flood-prone areas would win protection from sharply higher federal flood insurance premiums under legislation muscled through the Senate on Thursday after angry constituents inundated Capitol Hill with complaints.

The 67-32 vote reflects widespread alarm about changes enacted two years ago to shore up the program's finances. In many cases the changes produced unexpected, sky-high insurance rates that are unaffordable for many homeowners in flood-prone areas whose insurance has historically been subsidized by the government and other policyholders.

"Something is just terribly wrong when homeowners are more worried about raging flood premiums than...