From CBS New York:
U.S. Reps. Carolyn Maloney and Nydia Velazquez (D-N.Y.) warned Sunday a dramatic increase that could soon be facing New Yorkers.
The lawmakers joined property and small business owners, co-op residents and other community members Sunday at 200 East End Ave., a co-op building on the Upper East Side that recouped $4 million in damage after Superstorm Sandy, but now reportedly could be hit with astronomical insurance premiums as a result of the Flood Insurance Reform Act of 2012.
Maloney said in a news release that the rising flood insurance premiums are not affordable, and could deter people from buying insurance at all. Maloney asked for a delay in the rate increases, which she said could raise New Yorkers’ premiums by $5,000 to $10,000.
Maloney said the National Flood Insurance Program is crucial, but it cannot be built on the backs of hardworking New Yorkers.
A recent City of New York study indicated that New Yorkers could see their rates jump by as much as $10,000, from current levels as low as $430, as a result of the Flood Insurance Reform Act and upcoming Federal Emergency Management Agency Maps, Maloney’s office said.
Her office said New Yorkers from the Upper East Side to Red Hook, Brooklyn and the Rockaways could be affected.