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Senate Bill Would Delay Flood Insurance Requirement

Senators Dick Durbin (D-Ill.) and Charles Schumer (D-N.Y.) are pushing a bill that would postpone property owners having to purchase mandatory and perhaps pricey flood...
December 7, 2010

Senators Dick Durbin (D-Ill.) and Charles Schumer (D-N.Y.) are pushing a bill that would postpone property owners having to purchase mandatory and perhaps pricey flood insurance in regions newly designated by the federal government as being at high risk of flooding. Durbin said the legislation he introduced December 1 along with Schumer would allow more time for regions including southwestern Illinois to retrofit their river levees and cope with the possibility of higher flood insurance premiums, if the Federal Emergency Management Agency (FEMA) declares their levees functionally inadequate.

The latest legislative effort comes as angst mounts over FEMA's plans to unveil new floodplain maps.

Similar to a bill recently offered in the House, the Durbin-sponsored Flood Insurance Affordability and Risk Notification Act would provide a five-year delay of mandatory coverage, followed by a five-year period of incrementally increasing premiums. FEMA also announced recently that it wouldn't put the new flood maps in play until the end of next year - a delay that came at the behest of federal lawmakers.

Click here to read Senators Push to Delay Flood Insurance Requirement (Wall Street Journal 10/2/10)

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