NEW YORK (NBC News) – The U.S. Senate approved a flood insurance bill that was passed by the House of Representatives last week.
The measure was passed by a 72-to-22 vote. The bill would place an 18-percent limit on most flood insurance premium increases.
It eliminates some provisions of a bill passed in 2012 that led to large increases in premiums.
The bill is expected to be signed by President Obama. Senators said the bill provides relief for all homeowners, not just those living in flood zones.
“I’m happy today to tell you that common sense and affordability won. This program is essential for not only communities along the coast, but interior states. For families and businesses and communities to thrive,” said Louisiana Senator Mary Landrieu.
“Indeed, throughout my state, my rural counties, my urban counties, I heard the plea for help from homeowners who were looking at a moment in which they were going to lose their entire equity in their house,” said Oregon Senator Jeff Merkley.