U.S. Senate Minority Leader Chuck Schumer of New York wants to amend and extend the National Flood Insurance Program before it expires on September 30.
Schumer unveiled new bipartisan legislation that would cap premium increases at 9%, and authorize the program for five years instead of one.
Schumer says his bill would stop a FEMA plan that could double insurance costs for Long Island homeowners.
“We can’t nuke a hurricane away. But we can reform the flood insurance program. We can make it work, and make it work for homeowners. And we certainly can’t allow it to expire."
Schumer warned that Long Island’s economy would suffer if the program is not extended because homeowners won’t be able to buy, sell or refinance.
The bill would also limit profits for insurance companies, and redraw the maps for flood insurance eligibility.
