Congress passed a bill scaling back flood insurance premium increases, allowing below-market insurance rates to be passed on to people buying homes.
The Homeowner Flood Insurance Affordability Act, co-sponsored by Rep. Michael Grimm, R-Staten Island, would cap yearly premium increases at 18 percent.
The legislation, which is sponsored by U.S. Rep. Michael Grimm, aims to provide relief to homeowners who live in flood-prone areas.
The bill would allow sellers to pass along their subsidized, below-market insurance rates to new buyers and lower the limit on how much flood insurance premiums can rise each year. The measure was approved 306-91.
The 67-32 vote reflects widespread alarm about changes enacted two years ago to shore up the program’s finances. In many cases the changes produced unexpected, sky-high insurance rates that are unaffordable for many homeowners in flood-prone areas.
Meantime, a bipartisan group of lawmakers Tuesday unveiled legislation that would delay for about four years several changes to the federal government’s flood insurance program that are threatening to sock thousands of people with unaffordable premium hikes.
U.S. Reps. Carolyn Maloney and Nydia Velazquez (D-N.Y.) warned Sunday a dramatic increase that could soon be facing New Yorkers.
Billions of dollars in federal aid appropriated months ago by Congress have yet to reach homeowners who need that money to move on. Many have found flood insurance checks weren’t nearly enough to cover the damage.
An insurance deadline that could limit the options for thousands of Hurricane Sandy victims is quickly approaching and that deadline could bring a flood of lawsuits.
Meantime, nearly a year after Sandy hit, residents of the Rockaways said there is still much work to be done despite some big progress.
Hundreds of New Jersey flood insurance policyholders will soon be facing higher premiums spurred by sweeping changes to the federal law that will take effect Tuesday.
It’s taken a lot of hard work, sweat, and money to re-open the doors of a lot of businesses impacted by superstorm Sandy.
If you live on the Jersey Shore and still haven’t received a flood insurance check, you’re not alone.
There might be some relief coming for superstorm Sandy victims who are facing skyrocketing flood insurance rates.
Donald Werle’s house in Lindenhurst took on four feet of water in the storm. His home has been gutted but has yet to be rebuilt.