Some homeowners may see flood premium reprieve
Several thousand Mainers could see relief from higher premiums under a broader flood insurance bill that has strong bipartisan backing in the U.S. Senate, though it is likely to face a tougher review in the House.
New maps from the Federal Emergency Management Agency are expanding the flood zone further inland, which increases the number of homes and businesses considered at risk for flooding, and many coastal Maine towns are appealing the redrawn maps, according to the Portland Press Herald.
Subsidies that lowered premiums for many property owners also are being phased out under a 2012 law. Some 3,300 Maine property owners receive those subsidies, about one-third of all flood insurance policyholders in the state, the newspaper said.
The good news is that momentum is building on Capitol Hill to delay the price hikes nationwide. Tucked into the spending bill passed by the House Wednesday is a provision delaying some premium increases through Sept. 30. The Senate is expected to pass the $1.1 trillion spending bill this week.
In a related development, U.S. Sen. Angus King issued a statement today saying he has filed an amendment to the Homeowners Flood Insurance Affordability Act that would make communities eligible for reimbursement from the government for the costs of successfully appealing inaccurate flood maps.
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