SOUTH HADLEY, Mass. (WWLP) – Capitol Hill lawmakers are working to delay a flood insurance increase.
The proposed legislation could pass as early as Wednesday and it would delay a slated increased in flood insurance.
In 2012, a law was passed aimed at making the federal flood insurance program financially stable. As a result, flood insurance premiums are slated to increase next year.
Dan McKeon has lived alongside the Connecticut River in South Hadley for 13 years. He says they haven’t reached the 100-year flood mark in the time he’s been there. He told 22News flood insurance for his home would cost an estimated $1,300 a year.
“Topping the premiums, I don’t think it’s a good idea. Putting a timeline on it may be a good idea,” said McKeon. “You know, if the flood is coming tomorrow and I go out and get some insurance, maybe a delay makes more sense.”
If it’s passed, the bill would delay up to four years of premium increases.