Schumer Warns of Flood Insurance Cost Hikes
ALBANY, N.Y. (AP) - U.S. Sen. Chuck Schumer warns big increases in the national flood insurance premiums are expected.
Schumer says he's supporting a measure to delay the spike until the Federal Emergency Management Agency completes its national study which includes considering affordability.
Schumer told reporters Thursday he hopes to freeze premiums for the time the study is being done for Congress. That could take years.
He said he fears that a jump in premiums will force people to drop coverage. That could be devastating for homeowners hit by flooding and costly for the federal government which provides disaster aid.