Schumer warns of flood insurance cost hikes - NEWS10 ABC: Albany, New York News, Weather, Sports

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 This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

341 Northern Blvd., Albany, NY 12204

Telephone: 518.436.4822
Fax: 518.426.4792
Email: news@news10.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Albany, Inc. A Media General Company.