Congress to cap flood insurance hikes at 18%

WASHINGTON-Rochester-area residents living in the town of Gates and elsewhere likely won’t have to worry that they will lose their homes due to dramatic increases in flood insurance premiums.

House lawmakers voted overwhelmingly Tuesday night to pass legislation capping the annual premium increases at 18 percent, and the Senate is expected to pass the same measure soon.

The bill “absolutely saves families from losing their homes immediately,” town of Gates Supervisor Mark Assini said Wednesday. He added that an 18 percent increase would be “a pretty hard pill to swallow” for homeowners with tight budgets or living on a fixed income.