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Statement on FEMA Delaying Implementation of Changes to Pricing Formula for Flood Insurance

Engel Statement on FEMA Delaying Implementation of Changes to Pricing Formula for Flood Insurance  

 

Congressman Eliot L. Engel issued the following statement on the Federal Emergency Management Agency (FEMA) decision to delay implementation of changes to their pricing formula for flood insurance:

 

“FEMA’s decision is a welcome one for our region and will help thousands of my constituents living in the Sound Shore communities and along the coastlines. Homeowners that live in high-risk flood zones are already strained by the effects of global warming, which have made sea levels rise and storms more powerful. Adding additional financial burden to these families would only add to the hardship, so I am pleased any changes to the pricing formula have been delayed. I encourage FEMA to conduct a comprehensive analysis of the proposed pricing structure and to do everything possible to prevent devastating premium spikes for residents of Westchester and the Bronx.”

 

More information on FEMA’s decision can be found here.

 

 

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