flood insurance

As the partial federal government shutdown enters a third week, New Jersey is starting to see possible impacts on IRS filings, national parks and school lunches.

The threat of another hurricane in New Jersey brings up the question of who should pay for the flood insurance of those living in high risk flood zones.

First they were slammed by Superstorm Sandy, and now New Jersey homeowners who have flood insurance for their properties at the Jersey Shore and in other areas are about to be hit with new surcharges and rate hikes.

The federal flood insurance program is "stacked against" policy holders, U.S. Sen. Robert Menendez said during a Wednesday hearing with the head of FEMA.

Between flood insurance companies and FEMA, many Superstorm Sandy victims are still falling through the cracks, according to U.S. Sen. Robert Menendez.

Congress is sending President Barack Obama a bill to ease big flood insurance premium increases faced by hundreds of thousands of homeowners and allow below-market rates to be passed on to people buying homes with taxpayer-subsidized policies.

Less than two years after Congress approved a landmark bill to overhaul the federal flood insurance program, lawmakers are poised to undo many of the changes after homeowners in flood-prone areas complained about sharp increases in premiums.

House GOP leaders are putting the final touches on legislation that would significantly weaken a recently enacted overhaul of the much criticized federal flood insurance program, easing many premium increases and allowing below-market rates to be passed on to people buying homes with taxpayer-subsidized policies.

While the U.S. Senate has approved a plan to delay a hike in flood insurance premiums, the measure remains stalled in the House of Representatives. This has Jersey Shore-based Superstorm Sandy victims and officials on edge.

The Senate has easily passed a bill to delay premium hikes for years for hundreds of thousands of homeowners who buy flood insurance from the federal government.