Gillibrand Introduces Amendment to Help NYC Homeowners Reduce Flood Risk, Lower Flood Insurance Rates – Senate Debate on Flood Insurance Bill Begins Tonight

Washington, DC – January 28, 2014 – (RealEstateRama) — As the Senate gets ready to vote tonight to begin debate on a bill to delay flood insurance premiums, U.S. Senator Kirsten Gillibrand introduced an amendment to the Homeowner Flood Insurance Affordability Act, which will help New York City and other urban homeowners of buildings such as brownstones, brick buildings, and multi-family homes that are physically impossible to elevate to reduce their flood risk and lower their flood insurance rates. Currently, the only way to reduce flood insurance premiums for homeowners living in flood-prone areas is to elevate their homes. But for thousands of New York homeowners who cannot elevate their properties due to its inherent structure, there are no federal guidelines in place to prevent a costly increase in their flood insurance rates