WASHINGTON — Homeowners worried that new federal flood maps will send their flood insurance premiums skyrocketing would get some short-term relief under a provision tucked into a massive government-wide funding bill.
But other changes to the federal flood insurance program, including higher premiums on vacation homes and frequently flooded properties will remain in place, as well as a new rule blocking homeowners from passing insurance subsidies on to the people who buy their homes.
The provision by Louisiana lawmakers and political rivals — Democrat Sen. Mary Landrieu and GOP Rep. Bill Cassidy — comes as the Senate is poised to debate much broader relief to homeowners facing higher premiums.
The underlying $1.1 trillion spending bill is set for a House vote on Wednesday and Senate approval later in the week.
The real estate industry is worried that skyrocketing flood rates will scare off buyers and hurt home sales.