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Lawmakers Again Call on Washington to Pass Flood Insurance Affordability Act

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TWC News: Lawmakers Again Call on Washington to Pass Flood Insurance Affordability Act
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Local lawmakers are once again calling on Washington to bring much-needed relief to victims of Hurricane Sandy.

Rep. Michael Grimm was joined by state Senator Martin Golden Saturday to once again push for the passage of the Flood Insurance Affordability Act.

Grimm is sponsoring the bill.

The measure, which passed the House, would cap annual rate hikes at 18 percent.

Homes that were built to code but then re-mapped into higher-risk zones would be able to keep their subsidies.

The lawmakers said that homeowners who suddenly find themselves in flood zones are getting blindsided by insurance hikes that are not affordable.

"Many people don't know it yet. They haven't been told. Their bank hasn't informed them," Grimm said. "But many people that were not in a flood zone before are going to be now, which is why this bill to reduce flood insurance rates is so important."

"We don't want to see boarded-up homes. We don't want to see bankruptcies increasing. We want to see the people, these young children, these families be able to stay and live in their communities and raise their families," Golden said.

The legislation is in response to a 2012 law that aims to shore up the debt-saddled flood insurance program by putting premiums in line with risk.

The U.S. Senate is expected to take up the bill soon.

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