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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Flood insurance rate hike opposed by congressmen

flood insurance rates

Several have called for a delay to the increase in the premiums for coverage against floodwater damage. A growing number of congressmen are now working together to help to delay the increases in flood insurance rates for victims of Superstorm Sandy through the introduction of a new bill. The congressmen were working together to introduce the bill to boost the timeline before the increases. So far, the congressmen involved in the introduction of the Flood Victim Premium Relief Act 2013 (H.R. 960) include Congressmen Michael Grimm and Gregory Meeks, who…

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