Massachusetts Bill Seeks to Soften Flood Insurance Rules

October 18, 2013

The state attorney general and a top lawmaker have filed legislation that could soften the impact of new federal flood insurance rules on some Massachusetts homeowners.

The proposal made Wednesday would tie the level of flood insurance that must be purchased to a homeowner’s outstanding mortgage balance, rather than the full replacement value of the home.

Attorney General Martha Coakley and House Speaker Robert DeLeo said enormous spikes in flood insurance premiums resulting from new federal rules that took effect Oct. 1 are having a devastating impact on many coastal residents.

The changes, which included a redrawing of flood zone maps, were approved by Congress last year in an effort to keep the National Flood Insurance Program solvent.

The state’s congressional delegation had called for delaying in the new rules.

Was this article valuable?

Here are more articles you may enjoy.