EYEWITNESS LOCAL NEWSCongress Reaches Tentative Deal To Delay Proposed Rate Increases
from Eyewitness News Online
Reported by: Kennie Bass
Videographer: Matt Durrett
Web Producer: Kennie Bass
Also Contributing: Bob Aaron
Reported: Oct. 29, 2013 5:29 PM EDT
Updated: Oct. 29, 2013 5:35 PM EDT
St. Albans , Kanawha County , West Virginia
The new law was designed to shore up the National Flood Insurance Program, which is drowning in a 25 billion dollar sea of debt.
But, its sponsors say the measure created an unintended consequence, when the price for homeowners' flood insurance policies went through the roof, with some premiums spiraling thousands of dollars annually.
A proposed bi-partisan deal would the delay most rate increases for four years while FEMA completes an affordability study and propose regulations that address those issues.
"That's better," Sandra Cottle of St. Albans said. "That will help a lot of people. Because like the gentleman that just moved here he said, you know, I'm going to lose my credit and everything. But now this is giving everybody a little bit of time."
Homeowners in flood plains throughout Kanawha County, like the Riverbend subdivision in St. Albans, have been clamoring for the rates hikes to be delayed.
"Recently, the congress, inexplicably, did away with the affordability of flood insurance," Kent Carper, Kanawha County Commissioner said. "I think they've realized their mistake. A lot of us have brought that to their attention. They're fixing it now."
The bipartisan deal comes after several weeks of negotiations with Democrats and Republicans in the House and Senate. The proposed delay applies to primary, non-repetitive loss residences that are grandfathered right now.
And all properties sold after July 6th of last year, and properties that purchased a new policy after that date.
MORE NEWS FROM EYEWITNESS NEWS
Home | Eyewitness News Newsroom | Storm Team Weather | Eyewitness Sports | Schedules
Send email to email@example.com for information or comments concerning WCHS-TV Eyewitness News.
Copyright ©2013, WCHS-TV8. Portions are
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or distributed.
WCHS ABC 8 provides local news, weather forecasts, traffic updates, notices of events and items of interest in the community, sports and entertainment programming for Charleston and nearby towns and communities in the Tri-State area, including Huntington, Dunbar, Marmet, Montgomery, Nitro, South Charleston, St. Albans, Cedar Grove, Chesapeake, Clendenin, East Bank, Glasgow, Pratt, Cross Lanes, Elkview, Pinch, Sissonville, Big Chimney, Cabin Creek, Chelyan, Davis Creek, Institute, Jefferson, Loudendale, Mink Shoals, Pocatalico, Quick, Quincy, Rand, Buffalo, Eleanor, Hurricane, Nitro, Poca, Winfield, Culloden, Fraziers Bottom, Hometown, Red House, Scott Depot, Teays Valley, Danville, Madison, Hamlin, Logan, Chapmanville, Man, Delbarton, Kermit, Gilbert, Matewan, Williamson, Summersville, Richwood, Flatwoods, Gassaway, Sutton, Spencer, Ravenswood, Ripley, Mason, Point Pleasant, Ashland, Pikeville, Ironton, Portsmouth, Gallipolis, and Athens.