Flood insurance relief on the way?

With Valley Stream residents continuing their months-long fight to get relief from high flood insurance premiums, U.S. Sen. Chuck Schumer has proposed a bill that could be the solution.

Schumer’s legislation is similar to a bill that passed in the House of Representatives this summer. It calls for a five-year moratorium on the implementation of the new flood maps. That would mean homeowners living in the high-risk flood zone would get a break from having to purchase insurance, whose premiums can exceed $2,000 a year.

“This legislation would provide relief to Long Island homeowners who are staring in the face of thousands of dollars in additional costs they simply can’t afford,” Schumer said.

In September, Schumer came to Valley Stream Village Hall and called on the Federal Emergency Management Agency to go back to the drawing board, saying that the new flood maps, which went into effect in September 2009, were littered with inaccuracies.

He noted that several communities that are included in the new flood zone, including Valley Stream, have little or no history of coastal flooding. Schumer said that residents and local municipalities have raised legitimate concerns about the accuracy of the new maps. The five-year moratorium, he explained, would give FEMA and the federal government time to review them.

Schumer’s bill also calls for a phase-in of flood insurance premiums after the moratorium ends. Over the next five years, homeowners’ insurance rates would gradually increase.

Jessica Montgomery, a spokeswoman for U.S. Rep. Carolyn McCarthy, said that the five-year moratorium and the phase-in of insurance premiums are two key points that are included in both the Senate and House bills. McCarthy voted in favor of the House legislation after receiving numerous complaints from constituents. “She was very supportive of the bill,” Montgomery said.