Senator Schumer Protects Wealthy Landowners from Paying Risk-Based Flood Insurance Premiums
The New York Times reported last week that Senate Majority Leader Charles Schumer discouraged the Federal Emergency Management Administration from rolling out new policies that would ensure coastal landowners pay risk-related flood insurance premiums. This policy change would have been particularly worthwhile given the threat of climate change and would have helped address concerns that the federal government is subsidizing construction in harm’s way. But apparently it would also have increased insurance rates for a small percentage of affected property owners with outsized political influence, so Senator Schumer swung into action.
From the NYT report:
Senator Schumer objected to the flood-insurance overhaul when it was first announced in 2019, citing its potential to raise costs for people on Long Island. The new system would mean steeper rates for some high-value home
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