Hearing on Flood
Insurance Rate Increase
29, 2014- Howard Ondick
homeowners who live in a flood plain face a stiff increase in flood insurance
premiums as a result of changes to the National Flood Insurance Program made by
Congress in 2012.
speakers are Senator John Yudichak of Luzerne County, the Democratic Chairman
of the Senate Environmental Resources and Energy Committee, and Senator Mike
Stack of Philadelphia, the ranking Democrat on the Senate Banking &
many as 30,000 Pennsylvania homeowners who purchased flood insurance may see a
dramatic increase in premiums if the U.S. Congress fails to take action on
legislation to stop those increases. On
Tuesday, the Senate Environmental Resources and Energy Committee and the Senate
Banking and Insurance Committee held a joint hearing to learn more about the
problem and to hear from those who may be impacted.
increases may come as the result of the Biggert-Waters Reform Act of 2012. Because of the way the legislation calculates flood risks – up to 30,000 policies
in Pennsylvania could see premium increases.
Washington, U.S. Senator Bob Casey is sponsoring legislation known as the
Homeowner Flood Insurance Affordability Act that would basically delay
increases for homeowners who already have insurance.
Yudichak Statement: “Pennsylvania families who are struggling to rebuild their
lives after being hit by devastating floods are facing another terrible blow in
the form of outrageous flood insurance bills that are costing some families
thousands of dollars.” “Today’s hearing of the Senate Environmental Resources
and Energy Committee and the Senate Banking and Insurance Committee was a great
opportunity for all of my colleagues across the state to learn from residents
(most of those who testified were from Lycoming County), local leaders and the
insurance industry about how these dramatic insurance premium increases will
affect their ability to afford insurance and rebuild their communities.”