Flood Insurance

New Jersey businesses and residents hit hard by the June 19-20 severe weather and flooding can now apply for low interest disaster loans from the U.S. Small Business Administration.

Less than two years after Congress approved a landmark bill to overhaul the federal flood insurance program, lawmakers are poised to undo many of the changes after homeowners in flood-prone areas complained about sharp increases in premiums.

House GOP leaders are putting the final touches on legislation that would significantly weaken a recently enacted overhaul of the much criticized federal flood insurance program, easing many premium increases and allowing below-market rates to be passed on to people buying homes with taxpayer-subsidized policies.

The Senate has easily passed a bill to delay premium hikes for years for hundreds of thousands of homeowners who buy flood insurance from the federal government.