Flood Insurance Rate Bill Debate - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Flood Insurance Rate Bill Debate

Flood Insurance Rate Bill Debate

Posted: Updated:

A group of US senators from both parties promoted a bill to roll back flood insurance rates today.

North Dakota Republican John Hoeven and Democrat Heidi Heitkamp were among the group promoting the "Homeowner Flood Insurance Affordability Act."

The legislation would repeal rate increases that took effect in October until a study is done to determine the best way to make flood insurance fair and affordable.

Senator Hoeven said the rate increases are inappropriate and he said in some cases people with homes that have never flooded are being required to buy the insurance.

(Sen. John Hoeven, -R- ND) "So we have homeowners or business owners, people wanting to sell their home or business to people coming to the community and they can't do it because nobody can get a mortgage because in order to get a mortgage you have to have flood insurance. They don't even have a choice"

About four million homes and businesses saw their flood insurance rates jump in October with implementation of the new law.

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