For Florida property owners to get relief from whopping increases in the cost of their flood insurance, a major bill in Congress must pick up a holiday hitchhiker. Soon.
The hitchhiker would be legislation to delay for four years the increases that began hitting Oct. 1. There had been uncertainty about whether the effect would be retroactive. During those four years, the Federal Emergency Management Agency would reassess the mapping system on which the increases are based and and conduct a study to determine whether the rates are affordable. That second part, of course, is subjective, but few would describe as “affordable” the fivefold to tenfold increases reported in some parts of Florida.
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