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Senate Pushes for Delay in Flood Insurance Rate Hikes

A new bill would push premium increases back by four years — but not for second homeowners.

A beachfront home in Ocean City in the process of being elevated.
A beachfront home in Ocean City in the process of being elevated.
The U.S. Senate voted overwhelmingly (86-13) Monday to begin work on a bill that would push back some flood insurance premium increases by four years.

Property owners in flood zones throughout New Jersey have faced the prospect of dramatic premium increases since the passage of the Biggert-Waters flood insurance reform act in 2012. The legislation was designed to make the National Flood Insurance Program self-sustaining.

The reform act provides strong incentives for property owners to elevate their homes above 100-year flood levels, and many are now weighing the cost and complexity of that process against the potential for exponentially rising flood insurance premiums.

The bill currently being considered by the Senate would exclude the owners of second homes from the rate hike delay.

Read about the Senate bill in more detail:

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