Maloney Supports Bipartisan Compromise to Reverse Last Congress’ Catastrophic Flood Insurance Hikes

WASHINGTON, D.C. – March 12, 2014 – (RealEstateRama) — Rep. Sean Patrick Maloney (NY-18) strongly supported passage of a bipartisan flood insurance reform bill, which reverses the dramatic flood insurance rate hikes for homeowners. Passed by a vote of 306-91, the Homeowner Flood Insurance Affordability Act ends the automatic rate increases caused by events such as property sales and restores grandfathered rates for those who played by the rules and built their properties according to code. This bill also provides a refund for those families who have already been hit by unaffordable premium increases.