Washington, D.C. – December 2, 2013 – (RealEstateRama) — U.S. Senator Kay Hagan announced this week that she is co-sponsoring a bipartisan bill to delay steep flood insurance rate increases for North Carolina’s coastal communities. The Homeowner Flood Insurance Affordability Act of 2013 would block implementation of certain provisions in the Biggert-Waters Flood Insurance Reform Act until the Federal Emergency Management Agency (FEMA) completes a study on the affordability of new flood insurance rates and proposes solutions to avoid severe increases. If Congress does not act quickly, steep rate increases could put flood insurance out of reach for as many as 4 million homeowners and businesses across the country.
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