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(EMAILWIRE.COM, July 12, 2013 ) Long Beach, NY -- One year after Congress applied significant changes to the government's flood insurance program, protests have begun to stream in from homeowners who are facing higher premiums. It is causing coastal lawmakers to press for delays that would preserve below-cost rates for hundreds of thousands of individuals that live in flood-risk areas.
The government has refused to say how many could be faced with higher premiums, but the homeowners in places such as Staten Island and part of New Jersey in low-lying areas, along with those in Louisiana, Florida, Texas and other states face a daunting increase.
That's insane," said Robert Taylor, a homeowner in Des Allemands, La. Taylor said the will increase his premiums by over $400 per year. "This community has been here since 1923 and has never, ever flooded. Ever."
The insurance debate is now at an impasse wherein efforts to impede abuses and waste run into real-world limits on payments that can be handled. The aim of the higher premiums is to end taxpayer bailouts of flood insurance programs, even when overhaul forces individuals from their homes and reduces the values of real estate.
FEMA has estimated that nearly one out of every 5 of the 5.5 million policyholders receive some form of subsidy. Another 250,00 will see immediate increases in their tallies. Business owners and those with multiple properties in frequently flooded areas are those affected. Of the 1.1 million affected, 578,000 living in hazardous areas will retain their particular subsidies until they sell their homes of have repeated devastating flood-related loss.
The program required $24 billion in bailouts, dating back to 1968, and has been under pointed criticism for the below-market insurance rates, along with the billions in losses from the repeat claims filed by businesses each year.
The GOP has taken considerable notice of the work, particularly Bill Cassidy of Louisiana. Cassidy added an amendment to a bill that funds FEMA's budget. Despite opposition from conservative groups such as Heritage Action, conservative leaders voted for the amendment.
"What I'm talking about are the fishermen, the dock workers, the middle-class families that have lived on this coast and river for 300 years. And we're literally pricing them out from a piece of geography that President Jefferson leveraged the entire federal Treasury to buy," Landrieu, D-La., said. "On the heels of this recession, it's just terribly cruel and harsh. And on the heels of the BP oil spill. And on the heels of Katrina and Rita, how much more can we take?"
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Source: EmailWire.com
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