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Spending bill delays some flood insurance hikes

Spending bill delays some flood insurance hikes

WASHINGTON (AP) - 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.

 

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