SCHUMER PUSHES FOR DELAY IN FLOOD INSURANCE PREMIUM HIKES THAT COULD HIT UP TO 11,000 UPSTATE NEW YORKERS & SINK PROPERTY VALUES FOR 20,000 MORE – SENATOR’S PLAN WOULD DELAY INSURANCE INCREASE UNTIL FEMA ENSURES CHANGES WON’T FINANCIALLY DEVASTATE HOMEOWNERS AND UPSTATE COMMUNITIES

New York, NY – November 14, 2013 – (RealEstateRama) — On a press conference call, U.S. Senator Charles E. Schumer announced bipartisan legislation, the Homeowner Flood Insurance Affordability Act, which will protect up to 11,000 Upstate New York homeowners from facing potentially huge flood insurance premium rate hikes, and over 20,000 more from seeing their property values decimated – as a result of higher premiums facing any new buyer – when they try to sell. Schumer’s legislation would require FEMA to complete an affordability study and propose real solutions to address affordability issues before flood insurance premiums can be raised for most homeowners.