Amendment co-sponsored by Mississippi Rep. Steven Palazzo passes, would delay Biggert-Waters flood insurance hikes
Congressman Steven Palazzo, R-Biloxi, along with Representatives Bill Cassidy of Louisiana, Michael Grimm of New York and Cedric Richmond of Virginia announced passage of an amendment to the FY14 Homeland Security Appropriations bill today that would delay scheduled increases to flood insurance rates due to kick in on coastal residents later this year.
The amendment blocks the implementation of Section 207 of the Biggert-Waters Flood Insurance Reform Act.
Palazzo introduced similar legislation earlier this year. Today’s amendment passed overwhelmingly by a vote of 281-146 and had the support of the National Association of Realtors, the American Bankers Association, and the National Association of Home Builders.