Real Estate Blog

Flood insurance woes may soon be coming to an end for many Staten Islanders. The United States Senate passed a bill from Rep. Michael Grimm on Thursday which serves to repeal staggering increases in flood insuracne rates. The bill aims to protect homeowners, especially in areas affected by Hurricane Sandy who are still recovering. Now President Obama's signature is all that's needed for the bill to become law. 

At a press conference held Grimm said- "After months of hard work, affordable flood insurance for millions of americans, espcially the Sandy ravaged families in Staten Island and Brooklyn, is finally just a pen-stroke away." 

According to the Staten Island Advance, the senate vote was 72-22 in favor of the bill. 

Senator Charles Schumer said the bill would help "middle-class people in places like Staten Island...Flood insurance will now be a friend once again and not a foe."

The bills looks to fix the unintended consequences of the Biggert-Waters Flood Insurance Act, which lead tio skyrocketing premiums as high as 600%. Grimms bill limits yearly increases to an average 15% and caps it at 18%.

Homes that complied with previous flood maps are grandfathered in and would not see increases under the new FEMA flood maps.