Local Officials Push for Insurance Rate Hike Relief....

From: NY1

Local Congress Members Want To Help Sandy Victims With Flood Insurance

Some local members of Congress want to help victims of Hurricane Sandy with their flood insurance.

Right now, insurance companies can raise premiums by 20 percent per year over five years, but Reps. Michael Grimm, Gregory Meeks and Eliot Engel are pushing a bill that would stretch that out.

Under their measure, the first 20 percent increase would be spread through four years at 5 percent per year.

The lawmakers said that with so many people forced to raise their homes because of new flood maps, insurance will be critical.

"A common sense approach to bring a little bit a relief to take away some of the stress for a lot of these homeowners that are dealing with so much," Grimm said.

"Looking at the increase in cost would be, because they have to elevate their homes, is another headache that individuals who are just trying to get back to normal life [are] confronted with," Meeks said.

"We're not asking to cancel premiums," Engel said. "We're not asking to cancel the amount of money that people can pay. We're only asking to allow them to stretch out a little bit."

After the first four years, the regular insurance increases would kick in.

The measure would apply only to those living in flood zones.