Senators seek to enact delay on National Flood Ins. premium increase

A bi-partisan group of Senators are teaming up to enact a four year delay on premium increases with the National Flood Insurance Program – providing time for the Federal Emergency Management Agency to complete an affordability study. Senators Schumer and Gillibrand are part of the group looking to enact legislation to prevent current increases in flood insurance premiums.

The hikes were originally passed in June 2012 as part of a large transportation bill, which Schumer and Gillibrand both voted to approve. If enacted, Homeowners who have been hit with higher rates would see their premiums fall back on renewal,the bill does not include any refunds for what they’ve already paid.

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