State Senator calls for changes in Flood Insurance Reform Act - NBC40.net

State Senator calls for changes in Flood Insurance Reform Act

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LINWOOD -

A State Senator is calling on Congress to reconsider the Flood Insurance Reform Act, passed in 2012, because of fears that it could hurt South Jersey's Economy.

Senator Jeff Van Drew wrote a letter to United States Congressman Frank LoBiondo requesting Congress to take a second look at the reform by doing an economic impact study or slowing the rate at which insurance premiums rise each year.

Van Drew says flood insurance premiums could jump as much as 25 percent a year, which would have a serious impact on South Jersey home and business owners.

"So at the end of the day, people who are paying two to three thousand dollars a year for flood insurance right now, and this is not an exaggeration, could end up paying $30,000 a year for flood insurance," said Van Drew.

Van Drew says the Flood Insurance Reform Act was not passed because of Hurricane Sandy, and would still be a problem in South Jersey if Sandy didn't happen.

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