Flood Insurance: Senate to vote Monday on bill to delay flood premium increases

According to an article in the Times-Picayune of New Orleans, the US Senate is finally scheduled to vote on Monday to allow debate to proceed on legislation to delay flood premium increases .

To summarize my previous posts on this subject:
– only a small percentage of homes in flood zones carry insurance
– the NFIP has worked well with the exception of major catastrophes
– Congress passed the Biggert-Waters Act without understanding the consequences
– FEMA was supposed to complete an affordability study before implementing new rates, but didn’t
– an independent study suggests  that FEMA “used a mapping method fit for the Pacific coast, where the wave periods are much longer and the beaches are straighter, instead of developing a correct approach for New England.”

Other than that….. (more…)