Menendez/Grimm Flood Insurance Affordability Bill Passes, Awaits President's Signature
NEW YORK (CBSNewYork/AP) - A new flood insurance measure that passed both houses of Congress will help many Jersey Shore homeowners hit hard by Superstorm Sandy remain in their homes and fix them.
Congress passed a bill Thursday scaling back what had been drastic increases in flood insurance rates for many homeowners. It passed in the Senate by a vote of 72 to 22.
Sen. Robert Menendez (D-N.J.) was the lead sponsor of the measure.
Sen. Robert Menendez Discusses New Flood Insurance Law
"This is great news for homeowners in our region and across the country," Menendez told WCBS 880's Steve Scott on Friday. "The Homeowner Flood Insurance Affordability Act would stop the most egregious and damaging rate hikes while not adding a dime to the deficit or harming the National Flood Insurance program."
Staten Island Rep. Michael Grimm (R-N.Y.) was the lead sponsor of the House version of the bill.
The measure, which President Obama says he'll sign, limits annual increases to 18 percent, with most paying 15 percent more a year. Second homeowners will pay 25 percent more a year.
Kim Ely, who still washes dishes in a bucket and eats dinner from a microwave in her gutted home in Brick Township, says she will now be able to remain there and fix it.
Once signed, the law should also help boost home sales at the shore by making insurance more affordable.
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