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WASHINGTON â€“ The U.S. Senate passed the Homeowner Flood Insurance Affordability Act of 2013 last Thursday.
The bill is aimed to spare many homeowners from steep rate hikes in federal flood insurance policies.
The voted passed the Senate by a vote of 72-22 and was sent to President Barack Obama for his signature. U.S. Congress previously passed the bill March 4 by a vote of 306 to 91.
The bill, which will put a cap on future rate hikes and provide refunds for certain homeowners who bought property after July 6, 2012, was passed in response to concerns about the Biggert-Waters Flood Insurance Reform Act of 2012.
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