The bill President Barack Obama signed last month to stop the rise of flood insurance premiums is certainly getting high marks from homeowners.
"We needed this for sure," said Marc Roy, whose home in New Orleans remains damaged from 2011's Hurricane Irene. He said his his premiums leaped 50 percent but he's hoping they will come down under the new law.
Roy, a professor at the Disaster Resilience Leadership Academy at Tulane University, said the situation with rising premiums was getting out of hand. "This gives us a much needed break," he said.
But the rate repeal allowed by the Homeowner Flood Insurance Affordability Act comes at a high cost to everyone, said Rachel Cleetus, an economist with the climate and energy program at the Union of Concerned Scientists.
"I think it was unfortunate," she said. "It allows for some short-term relief on premiums, but it doesn't address the bigger issues of helping communities deal financially with rising sea levels and floods that keep happening."