Lawmakers approve flood insurance legislation delaying rate increases

flood insurance

Rate increases to be delayed until 2015 Federal lawmakers in the U.S. have approved legislation that will delay any large flood insurance rate increase throughout the country until 2015. This is being considered a major victory for homeowners in states like Florida and Louisiana, where flood coverage was quickly becoming impossible to afford. The approval of this legislation comes after several months of homeowners and businesses pressuring lawmakers to take action on the issue of flood insurance coverage. Lawmakers were not expected to take action on the issue until much…

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Flood insurance cost increase delay sought by senators

Flood Insurance and reinsurance

Following the struggles that have been brought about by Superstorm Sandy, higher rates could be crippling. According to Senator Robert Menendez, choosing to increase the rates for flood insurance at the moment could be highly damaging to the residents of New York and New Jersey, who are still struggling to rebuild their homes and businesses after they were demolished by Superstorm Sandy. The victims of the storm are already coping with the new flooding zone maps that often require changes. The rebuilding has already led to increased costs as many…

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