Flood insurance relief bill working its way through Congress - WLOX.com - The News for South Mississippi

Flood insurance relief bill working its way through Congress

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SOUTH MISSISSIPPI (WLOX) -

Flood insurance rates are always a hot topic for coastal residents.

Earlier this week, Congressman Steven Palazzo told WLOX News he received a commitment from House Majority Leader Eric Cantor that a vote would be taken on flood insurance relief before the end of February.

That vote is about a possible delay in rate hikes for homeowners who purchase flood insurance from the federal government.

"Taking them from way, way too low to way, way too high is not helping anybody," said Palazzo.

"So we're looking for that ‘Goldilocks' solution, the one that's just right that can help keep the program solvent but also will allow homeowners who need flood insurance to be able to afford it."

Palazzo says they're focusing on grand fathered properties, because selling your home would trigger a full risk insurance rate.

The bill passed in the senate, and is now waiting to be voted on by the house.

Copyright 2014 WLOX. All rights reserved.

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