Rubio and Nelson react to flood insurance bill passing Senate
The U.S. Senate today passed a bill that would block major reforms under the 2012 Biggert-Waters Act that have caused flood insurance rates to skyrocket in Florida. Florida Sens. Bill Nelson and Marco Rubio were in the majority.
“We are finally coming to the point at which we can grant homeowners and businesses some relief from the huge, gargantuan – sometimes tenfold – increases in flood insurance premiums,” Nelson said.
Rubio, who bucked conservative groups such as the Club for Growth in voting for the bill, had a more nuanced reaction:
“I support the concept of finding a solution to rate increases and arriving at a sustainable solution. However, I think it is critical that we first delay the scheduled increases and then work at finding a long term answer to this issue. The current increases have paralyzed the real estate sector in much of Florida. We should first pass a suspension of the scheduled rate increases and then begin work on a long term solution to this issue along the lines of this proposal”.