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Wednesday, October 16, 2013

Senators Call for Flood Insurance Affordability Study

A bipartisan group of 24 senators wrote last week to their Senate leadership expressing concern about the flood insurance premium hikes that took effect Oct. 1. The rate increases, mandated by the 2012 Biggert-Waters flood insurance reform law, “could render flood insurance unaffordable and unattainable for up to 4 million homeowners and businesses nationwide,” the senators said.

They called for an affordability study that can provide “immediate rate relief” for homeowners as Biggert-Waters is implemented, and urged Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) to attach a provision for this to a viable Senate bill.

Read the letter.