The U.S. Senate voted Monday to advance legislation that would delay increases to flood insurance rates that many homeowners believe would price them out of their homes.
The Homeowner Flood Insurance Affordability Act has found broad support among homeowners in Sandy-stricken areas of the New Jersey Shore. It would delay scheduled flood insurance rate increases mandated by 2012 flood reforms for four years and require a study of the reforms’ affordability for homeowners.
The procedural vote was 86 in favor of evoking closure, 13 against. Under the cloture rule, the Senate may limit consideration of a pending matter to 30 additional hours, bringing the bill one step closer to a full vote.
If the bill clears the Senate it will head to the House for consideration.