The Biggert-Waters Act, which became law in 2012, was designed to stop the National Flood Insurance Program from going deeper into debt by cutting federal insurance subsidies to property in flood-prone areas. But the law's future has been thrown into question.
The Senate voted overwhelmingly last week to stop Biggert-Waters implementation for four years, and some House members are calling for an immediate repeal. That's because since the law went into effect last October, the price of flood insurance has risen dramatically for thousands of homeowners across the country.
"My flood insurance premiums have gone up 50 percent," said Marc Roy, whose home in New Orleans remains damaged from Hurricane Irene in 2011.
"I've had to raise my deductible to $10,000 a year to try and keep the rates down," said Roy, a professor at the Disaster Resilience Leadership Academy at Tulane University. "I think it's crucial they delay Biggert-Waters with all the premiums going up."