Lawmakers trying to change new law mandating flood insurance rate increases

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wwltv.com

Posted on October 14, 2013 at 10:26 PM

Updated Monday, Oct 14 at 10:40 PM

WWLTV.com
Email: webteam@wwltv.com | Twitter: @WWLTV

NEW ORLEANS -- As members of Congress search for a way to end the government shutdown, Sen. Mary Landrieu, D-La., says a broad coalition has come together to modify the new law that is sending flood insurance rates much higher.

The new proposal would prevent lower grandfather rates from going away as quickly and do away with the so-called home sale trigger, the requirement that any property purchased after July 2012 will immediately lose its entire subsidy upon act of sale.

“There are a group of 24 of us republicans and democrats who have come up with a way forward on solving this insurance problem. It will delay the grandfather rates for three to four years. It will remove the trigger provision.”

Landrieu says the new proposal could be included in a larger budget deal, or it could become stand-alone legislation.

 

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