Municipal leaders fight looming flood insurance rate increase


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Submitted: Fri, 09/27/2013 - 3:18am
Updated: Fri, 09/27/2013 - 1:01pm
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WILMINGTON, NC (WWAY) — Just like the tide the cost of flood insurance is on the rise.

The Biggert-Waters Act is set to go into effect Tuesday and town leaders are asking for help to keep their town afloat.

Thursday, WWAY received a copy of three letters written by Wrightsville Beach Mayor Pro Tem Bill Sisson asking for help from Sen. Kay Hagan (D-NC), Sen. Richard Burr (R-NC) and Rep. Mike McIntyre (D-7th District) in their fight against Biggert-Waters.

Sisson claims that the Biggert-Waters Act could increase the cost of home insurance by as much as 25 percent per year and have a negative effect on land value, business, home prices, and construction in coastal communities.

McIntyre’s office says he and several of North Carolina colleagues have sent a letter to the congressional leadership requesting a provision be included in the final budget bill that would delay the dramatic flood insurance rate hikes by preventing part of the Biggert-Waters Flood Insurance Reform Act from being implemented.

“Flood insurance must be accessible and affordable to North Carolinians, and the increase in rates must be stopped,” McIntyre said in a recent statement. “Folks from all across Eastern North Carolina have expressed to me their very serious concerns about the impact that increased flood rates would have on homes, communities and the local economy. We are going to do all we can to derail this increase.”

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5 Comments on "Municipal leaders fight looming flood insurance rate increase"


Guest Reply Redux
2015 years 8 months ago
OtherGuest
2015 years 8 months ago

Where was Congressman Mcintyre when they were passing the Biggert-Waters legislation?

taxpayer
2015 years 8 months ago

He was probably in this area handing out his over-sized cardboard checks that we taxpayers pay for.

Syd Smyth
2015 years 8 months ago

Please sign this petition asking Obama to fix the mess FEMA has made:

http://wh.gov/lT2OU

2015 years 8 months ago

The shock wave from increased flood insurance rates could have huge implications for the real estate market and the insurance business itself. The uncertainty over the cost of flood insurance under the new system is also likely to impact the discretionary market for flood insurance in areas not designated high risk; meaning more people uninsured and exposed to flood risk in an age of climate change.