Schumer warns of flood insurance cost hikes

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.

Copyright 2013 The
Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten or redistributed.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s