Mass. lawmakers seek delay of insurance hikes
BOSTON (AP) — The state’s congressional delegation is asking House and Senate leaders to support a delay in the implementation of new flood insurance guidelines that could lead to huge premium increases for coastal property owners.
A letter Thursday that was signed by Massachusetts Sens. Elizabeth Warren and Edward Markey and eight House members warns of “economically devastating impacts” for some residents and small businesses if the changes go into effect Oct. 1.
Congress approved a law in the aftermath of Hurricane Sandy last year that was designed to keep the National Flood Insurance Program solvent.
In the letter, the lawmakers say they support the overall goals of the new law but were concerned about its “unintended consequence.” They have asked that the premium increases be postponed until a review of new flood zone maps is completed.