WASHINGTON, D.C. – The U.S. Senate gave final passage Thursday to a bill intended to curb the dramatic increases that homeowners have recently seen in their flood insurance rates.
The Senate approved the legislation that caps flood insurance rate increases at no more than 18 percent by a vote of 72-22.
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"It's not everything I wanted for homeowners, but it's significant protection from unconscionable rate hikes," said Sen. Bill Nelson (D-Fla.).
Nelson and a half dozen other senators received a similar measure passed in the Senate in January. Officials said that measure would have gone further than the House version passed Thursday.
However, officials with Nelson's office said passage of the House bill Thursday was widely seen as the best course of action to give homeowners some form of immediate relief.
The measure now goes to President Obama, who is expected to sign it into law, officials said.
To view the House bill, click here.