The US House of Representatives will take up 'modified' Senate flood bill

Majority Leader Eric Cantor (R-VA) announced that the House will take up a "modified version" of the Senate bill S. 1926 during the week of February 24.  The proposal will likely eliminate the Senate’s language that would delay rate hikes under the National Flood Insurance Program for up to four years.  Instead, the House version is expected to stipulate that the program cannot increase premiums by more than 15 percent each year on any property, even if a property has been sold or its flood insurance policy lapses. House leaders also want to make those changes apply retroactively so that property owners who have seen a sudden spike to full-risk rates will get a refund. Legislative text and additional details will be available at a later date.