Attempt in Washington to stop flood insurance rate hikes fizzled
WASHINGTON — The senators called a news conference to demonstrate they were serious about tackling soaring flood insurance rates. Help is coming, they promised homeowners in Florida, Louisiana, New Jersey and North Dakota.
That was Oct. 1. On Friday, the U.S. Senate split town for the year — the House packed up last week — without addressing the issue.
The failure underscores how unprepared lawmakers were to deal with an emergency they helped create, along with the hurdles awaiting in 2014.
"They created false hope," said Pinellas County Property Appraiser Pam Dubov, who has long warned that the 2012 Biggert-Waters law that created the increases could cause a real estate crisis.