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Bill Would Delay NFIP Rate Hikes for Sandy Victims; Program's Sandy Losses Said to Be $7B

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Bill Would Delay NFIP Rate Hikes for Sandy Victims; Program's Sandy Losses Said to Be $7B

Sat, 2013-03-23 11:52 — Maeryn Obley

propertycasualty360.com - March 14th, 2013 - Arthur D. Postal

A bill in the House introduced by New York State representatives, would extend the grace period for flood-insurance-premium increases for Superstorm Sandy victims.

The legislation was introduced as information became available that the cost of Sandy to the National Flood Insurance Program will be in the neighborhood of $7 billion.

Federal Emergency Management Agency officials have not responded to repeated requests over the last several days, but sources with knowledge of the costs to the program says Sandy flood claims have totaled about $6 billion so far, with projections to go to maybe $7 billion.

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