First they were slammed by Superstorm Sandy, and now New Jersey homeowners who have flood insurance for their properties at the Jersey Shore and in other areas are about to be hit with new surcharges and rate hikes.
Congress is sending President Barack Obama a bill to ease big flood insurance premium increases faced by hundreds of thousands of homeowners and allow below-market rates to be passed on to people buying homes with taxpayer-subsidized policies.
Less than two years after Congress approved a landmark bill to overhaul the federal flood insurance program, lawmakers are poised to undo many of the changes after homeowners in flood-prone areas complained about sharp increases in premiums.
House GOP leaders are putting the final touches on legislation that would significantly weaken a recently enacted overhaul of the much criticized federal flood insurance program, easing many premium increases and allowing below-market rates to be passed on to people buying homes with taxpayer-subsidized policies.
While the U.S. Senate has approved a plan to delay a hike in flood insurance premiums, the measure remains stalled in the House of Representatives. This has Jersey Shore-based Superstorm Sandy victims and officials on edge.