NY1 VIDEO: Assemblyman Phil Goldfeder announced a plan to help residents get affordable flood insurance for their homes. People who own houses in designated flood zones, like the Rockaways, are required by law to purchase flood insurance but FEMA allowed rate raises after Hurricane Sandy. Goldfeder is proposing legislation for a New York Flood Insurance Association that he says will offer state subsidized insurance policies. He says the association will protect residents from being overcharged for premiums or denied coverage after a major weather event. Goldfeder will present his proposal before the State Assembly's Insurance Commission this week.