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WASHINGTON (AP) — Hundreds of thousands of homeowners facing big increases in flood insurance premiums would see those rate increases delayed for years under legislation that's expected to pass the Senate.
The bipartisan legislation comes amid protests that it would undo hard-fought reforms approved less than two years ago to stabilize the government's flood insurance program.
The legislation would delay for up to four years the huge premium increases now set to phase in next year and beyond under new and updated government flood maps. It also would allow homeowners to pass below-cost policies on to people who buy their homes. People who have recently bought homes and face sharp, immediate jumps in their premiums would see those increases rolled back.
The measure faces a rockier climb in the Republican-controlled House.