Flood Insurance Rate Hikes Coming?

New Jerseyans still trying to recover from Superstorm Sandy and the massive flooding it caused won'tt be happy to learn that National Flood Insurance Program (NFIP) rate increases are in the offing.

Representatives in New York and New Jersey are urging the House leadership to delay the increases.

A bi-partisan letter signed by Reps. Jon Runyan (R-NJ), Frank LoBiondo (R-NJ), Michael Grimm (R-NY), Carolyn McCarthy (D-NY), Chris Gibson (R-NY), Peter King (R-NY), Gregory Meeks (D-NY), Eliot Engel (D-NY), and Chris Smith (R-NJ) has been sent to Speaker John Boehner, Majority Leader Eric Cantor, Minority Leader Nancy Pelosi, and Minority Whip Steny Hoyer.

“We write to strongly urge you to immediately consider legislative provisions that will delay the onset and ease the burden of NFIP rate increases, since many of our constituents rely on the NFIP to insure their home and are still suffering from the devastating effects of Hurricane Sandy,” wrote the federal lawmakers. “Due to the Biggert-Waters Flood Insurance Reform Act of 2012, NFIP premiums will dramatically rise on some homeowners as early as October 1, 2013 - an increase the families in our districts cannot afford.”

The representatives say they are simply asking for more time to recover before rates increase.