WASHINGTON – U.S. Senator Roger Wicker, R-Miss., today voted for the bipartisan “Homeowner Flood Insurance Affordability Act,” which would delay skyrocketing price increases in flood insurance premiums on American homeowners, including many in Mississippi. The legislation passed the Senate by a vote of 72-22 and is on its way to the President for his signature.

“This bill will provide much-needed relief for families and businesses across Mississippi,” Wicker said. “Millions of Americans faced massive increases in flood insurance rates, threatening livelihoods and communities nationwide. This compromise will give homeowners some peace of mind, assuring them that their flood insurance rates will not immediately soar from several hundred dollars to the thousands and tens of thousands.”

The bill, H.R. 3370, which passed the House earlier this month, would delay flood insurance premium hikes until the Federal Emergency Management Agency’s (FEMA) mapping methods are certified as technically sound and an affordability study is completed.

“The majority of Americans affected by these higher flood insurance rates are not wealthy beachfront property owners,” Wicker continued. “Most are middle-class families. With premiums they cannot afford, many homeowners would be forced to go without coverage or move away. No one benefits when flood insurance premiums lead to foreclosure.”

H.R. 3370 mirrors a bill passed by the Senate earlier this year, S. 1926, by addressing three specific issues impacting homeowners and businesses:

• Protecting homes and businesses that are currently “grandfathered” into the law. These properties were built to code and later remapped into higher-risk areas. Prior to enactment of “Biggert-Waters Flood Insurance Reform Act of 2012,” these policyholders were not penalized for relying on inaccurate FEMA flood maps;

• Safeguarding property owners who purchased a new policy after July 6, 2012, and before the new rates were scheduled to take effect in December 2013; and

• Enabling new homeowners and business owners to receive the same treatment as the previous owner of the property.