Bill to Delay Flood Insurance Rate Hikes Passes U.S. Senate

A bill that would delay rate hikes in the National Flood Insurance Program for four years overwhelmingly passed muster with the U.S. Senate on Thursday.

The 67-32 vote on the bill authored by U.S. Sen. Bob Menendez (D-NJ) would provide relief from potentially massive flood insurance rate increases for Jersey Shore residents. The relief would only be provided to primary residences, however, and must still pass the House of Representatives and be signed into law by President Barack Obama.

"This is a triumphant victory for the thousands of New Jersey homeowners who need our help and stood up, spoke out and stuck with me until we took this flood insurance relief bill over the finish line," said Menendez, in a statement.

The delay would allow FEMA to complete an affordability study, provide solutions to mitigate the affect of rate hikes and scientifically certify the accuracy of its maps.

A wave of insurance claims after Hurricane Katrina put the National Flood Insurance Program on the verge of bankruptcy. In 2012, Congress passed a law, known as Biggert-Waters, to restore its solvency. But drastic rate increases mandated by Biggert-Waters are placing a tremendous burden on recovering flood victims, and many Jersey Shore residents have been fearful of losing their homes, since flood insurance is mandated by mortgage companies for homes located in flood zones.

U.S. Rep. Jon Runyan (R-NJ), after the Senate vote, called on his party's leaders in the House to post the bill for a vote in that chamber.

Runyan represents most of Ocean County, N.J., one of the nation's hardest-hit areas during Superstorm Sandy, where entire neighborhoods are still largely uninhabitable.

"We are more than a year removed from Superstorm Sandy, but I know for a fact that people are still struggling to rebuild their homes, their businesses, and their lives," Runyan said in a statement. "I urge Speaker Boehner and House leadership to bring this bill to the floor of the House of Representatives so that families in South Jersey are not hit with yet another increase that they cannot afford."