FEMA released new flood maps earlier this year that raised rates for many residents.
Posted by Joseph Markman (Editor) , October 28, 2013
A group of U.S. House and Senate members have reached a deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. Insurance Journal reported the bi-partisan deal Monday afternoon. A bill now before Congress would require an affordability study before rates are implemented. Most rate increases would be delated four years, the Journal said. “This is great news for our efforts to stop the devastating impact the new flood insurance law and maps will have on policyholders in my district and Massachusetts," State Sen. Robert Hedlund, R-Weymouth, said in a statement. "It’s encouraging to hear the lawmakers in D.C. who voted for this now talk about the concerns I and others have since raised, namely; The absence of a required affordability study and lack of provisions to address unaffordable rate increases; Reimbursing policyholders for costs associated with successfully appealing maps, and; Getting FEMA to make sure the flood maps are accurate." U.S. Rep. Maxine Waters, D-CA, said "she convened a bipartisan meeting of nearly 20 House members, as well as Senate staff, to build consensus around an agreement to delay and fix the program," the Journal reported. Hedlund, whose district includes Hingham, said he is still waiting to see more details to ensure residents are protected. "With that assurance, I encourage Congress to pass this delay as soon as possible, so that Massachusetts policyholders can breathe easy knowing they won’t be forced to sell their home or face financial disaster.” Meanwhile, the Town of Hingham has already appropriated $40,000 to hire an engineer to help prepare to appeal FEMA's new flood maps. Local officials last week said they were deciding between two firms and the process would happen over the next few months, the Boston Globe reported .
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