Flood insurance hikes may be delayed

Flood insurance hikes may be delayed

An increase in homeowners insurance may not come as soon as expected, but that's all dependent on a vote that is expected Wednesday in the U.S. Senate.

The senate has the opportunity Wednesday to pass legislation to push back flood insurance rate increases for homeowners.

If approved, the measure would push back higher premiums for four years. In 2012, lawmakers approved an overhaul in an attempt to make the federal flood insurance program more financially stable with new flood area maps.

The program has recently incurred big losses with Superstorm Sandy, with a $24 billion debt to taxpayers. But, the looming new rates have caused hundreds of thousands of homeowners to panic who would face big premium jumps is new flooding areas, and also threatened to affect the housing market.

But higher premiums would remain in place for frequently flooded properties and on 1.7 million second homes.