State News

Mar 17, 2014 7:10 AM by Miranda Leah - @MirandaLeahKRIS

Homeowners Save Money With New Flood Insurance Bill

CORPUS CHRISTI - It's called the Homeowner Flood Insurance Affordability Act, but many here in the coastal bend are calling it a lifesaver.

The senators who passed the bill just last week, agree.

"This program is essential for not only communities along the coast, but interior states," said Louisiana Senator Mary Landrieu. "For families, and businesses, and communities to thrive."

It's all part of an effort to block the negative effects of an act passed a couple years ago.

Under the Biggert-Waters Act, the minute someone bought or sold their home, their insurance rates could jump. Some rates even increased more than ten-thousand dollars.

This new bill will keep that from happening.

However, local officials are calling it a short-term fix.

"It addressed the immediate problems that bill presented," said Inter-government Relations Director Tom Tagliabue. "But, it doesn't address the long-term viability of the National Flood Insurance Program."

Congressman Blake Farenthold voted for the new the bill, saying he supports the program and thinks it should be brought up to speed.

However, President Obama said he favors premiums that do a better job of showing the potential risk, so there's a chance he could veto it.

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