NYC lawmakers propose delay in flood insurance spikes
Two New York City Congress members are co-sponsoring legislation that would delay the spike in flood insurance premiums, claiming that many victims of Hurricane Sandy are still struggling to recover from the storm and would be hard-pressed to meet the new rates.
The Biggert-Waters Flood Insurance Reform Act, which passed last year, ended federal subsidies for flood insurance, causing premiums for homeowners to spike by $5,000 to $10,000 a year on average, according to a study commissioned by Mayor Michael Bloomberg. The rise in premiums is coupled with more homes at risk of floods and fewer insurers offering coverage.
Rep. Gregory Meeks and Rep. Hakeem Jeffries, who represent parts of Queens and Brooklyn, respectively, will hold a press conference in Queens this morning to discuss the proposed legislation, known as the Homeowner Flood Insurance Affordability Act of 2013. – Hiten Samtani