Schumer proposes freeze on flood insurance increases

By Amy Khuu

November 14, 2013 Updated Nov 14, 2013 at 9:20 PM EDT

(WBNG Binghamton) To help 11,000 Upstate New York homeowners, Senator Charles Schumer proposed a bill to put a four year freeze on planned flood insurance premium increases.

Until FEMA can finish an affordability study, Schumer says, the rate hikes could force homeowners to choose between breaking the bank or leaving their home.

The rate hikes could also drastically reduce home values in the areas selected for insurance increases.

The New York Senator says in the initial evaluation, FEMA was required to look at the economic effects of premium increases.

"There is in the legislation an affordability clause and it says FEMA had to look at it, and FEMA basically ignored it," said Schumer, "and that's why we want to impose a moratorium on them."

Schumer says his bill has broad support among Republicans and Democrats and expects it to pass in the coming months.

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