A flood insurance bill that holds the line on premiums is on its way to President Barack Obama for his signature, Sens. John Hoeven, R-N.D., and Heidi Heitkamp, D-N.D., announced Thursday.
The bill, which passed the House on March 4 and the Senate on Thursday, caps premium increases at 18 percent annually, prevents increases triggered by home sales or new policies, and provides refunds to those who have paid higher rates, among other things, the senators said in separate statements.
They also touted an amendment that they and Rep. Kevin Cramer, R-N.D., put in the bill, which allows homeowners who flood-proof their basements to get credit when their premiums are calculated.
Besides keeping flood insurance affordable, Hoeven said, the bill “gives homeowners, businesses and communities the time they need to implement flood prevention measures that will help to keep their rates affordable in the future.”
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“We must continue to work to keep flood insurance rates affordable, so North Dakotans - who have repeatedly battled rising waters - do not have to worry about whether or not they will be able to afford to protect their livelihoods,” Heitkamp said in a statement, citing the challenges homeowners in Grafton and Minot face.
