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NY Senators Argue For Legislation to Delay Spike in Flood Insurance Premiums

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TWC News: NY Senators Argue For Legislation to Delay Spike in Flood Insurance Premiums
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New York State's senators are pushing for legislation that could save homeowners thousands in flood insurance premiums.

The Homeowner Flood Insurance Affordability Act would delay a costly spike in flood insurance rates in communities already devastated by Hurricane Sandy.

Insurance rates would stay in place until FEMA developed a plan to keep the National Flood Insurance Program affordable.

Lawmakers argue that high insurance rates would lead to plummeting property values, and may cause people to opt out of buying flood insurance because of the high cost.

"For those of us who experienced Sandy, this is sort of a double whammy," said Sen. Charles Schumer. "Homeowners, average middle-class homeowners, scrounged together $80-, $90-, $100,000 to fix their homes. They finally move back in, and a month later, somebody comes, knocks on their door, and says 'You've now got to pay $5,000 for flood insurance a year,' when they were paying $3-, $400. So, this is just unconscionable."

A vote to debate the flood insurance reform bill is expected to happen in the Senate this week.

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