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Friday, February 07, 2014

Blumenthal, DeLauro Try to Stop Flood Insurance Increases

By Ana Radelat

Washington – Saying that more than 18,000 Connecticut homeowners will be socked with soaring flood insurance premiums, Sen. Richard Blumenthal and Rep. Rosa DeLauro are pressing the House of Representatives to pass a bill that would stop those increases.

“Tens of thousands of families are suffering from the uncertainty of not knowing whether they will be able to pay their flood insurance premiums,” DeLauro said.

Flanked by New Haven Mayor Toni Harp and Milford Mayor Ben Blake, the lawmakers held a news conference today in Stratford with Connecticut residents who want to sell their homes but say flood insurance premium increases are scaring prospective buyers away.

Premium increases in the federal flood insurance program, administered by the Federal Emergency Management Agency, are the result of a bill approved by Congress in 2012. The legislation, known as the Biggert-Waters Act, aimed at making the program—hard hit by Hurricane Katrina claims—solvent. The flood insurance program went further into the red after Hurricane Sandy, which led to nearly $10 billion in claims. The program is now $24 billion in debt.

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