Schumer warns of flood insurance cost hikes

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ALBANY, N.Y. (AP) – U.S. Sen. Chuck Schumer warns big increases in the national flood insurance premiums are expected.

Schumer says he's supporting a measure to delay the
spike until the Federal Emergency Management Agency completes its
national study which includes considering affordability.

Schumer told reporters Thursday he hopes to freeze
premiums for the time the study is being done for Congress. That could
take years.

He said he fears that a jump in premiums will force
people to drop coverage. That could be devastating for homeowners hit
by flooding and costly for the federal government which provides
disaster aid.

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