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Hearing on Flood Insurance Rate Increase
January 29, 2014- Howard Ondick 
HARRISBURG-Pennsylvania 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.

Our 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 & Insurance Committee.

As 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.

The 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.

In 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.

Senator 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.”

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