A plan to reform the National Flood Insurance Program would tie premium rates to actual flood risk. U.S. Senator Chuck Schumer of New York says this would lower property values for some Long Islanders.
The current FEMA flood insurance program has the same premiums for homeowners in flood zones, whether they face low or high risk of storm surge.
Under the proposal, FEMA would use private sector data to help evaluate flood risk. Schumer is concerned how that data would be gathered and reviewed.
He says FEMA has not been transparent.
“Stop this plan, let us know what you’re doing. Let Congress and homeowners have input, not just insurance companies, not just any of these people who benefit.”
He says there aren’t enough details about the impact of the rates on property values.
