In the south end of Ocean City, N.J., Jim Wolfe has seen his costs for flood insurance rise steadily for the past few years. He knows it will continue to climb in the years to come, as the federal insurance program moves to bring costs closer to the real market value of such policies.

New Jersey’s Senators, Democrats Bob Menendez and Cory Booker, are backing a six-year reauthorization plan they say will put the NFIP on solid financial ground and push for flood mitigation, while avoiding crushing rate hikes. They’re joined by other coastal lawmakers, including three staunch Republicans; Sen. John Kennedy of Louisiana, Thad Cochran of Mississippi and Florida’s Marco Rubio.

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