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.
--ABA Daily Newsbytes
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