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Flood insurance sticker shock

Gates, N.Y.Damien Joy moved to Gates to start a family. He knew that he would pay for flood insurance as his home is in whats considered a flood zone.

He had no idea those payments would multiply so greatly.

I paid around $950 last year, and its gone up to $5,100, said Joy.

The Biggert Waters Reform Act of 2012 allowed for premium increases in order to help save the debt ridden National Flood Insurance Program.

Homeowners in the Rochester area are starting to get renewal notices with heft premium increases.

I go to school and I work and I have two roommates who live with me, said Elise Lovullo.
If I cant sell it, I dont know what Ill do. Ill be stuck.

The local real estate industry is also feeling the impact of these premium increases.

Its going to have a huge effect if the rates dont come down, said Armand DAlfonso. There will be thousands of people who dont qualify for a mortgage.

For homeowners with mortgages who live in flood zones, insurance is a must.

McMahon LaRue Associates P.C. has been hired to get people out of flood zones.

People are panicked. They want to sell their homes, said David Larue, a land surveyor.

The United States Senate recently passed a bill to delay premiums from increasing, but the House of Representatives has not voted on the measure.

Congress absolutely has to reverse what they did with the Biggert Waters Act, said Mark Assini (R), Town Supervisor of Gates.

Canandaigua, Webster and Irondequoit are among the other local towns affected, said DAlfonso.

If you had to pay this insurance, you are looking at $9,500 each year and that goes up 5 percent each year, said George Winter of Webster.

A spokesman for Louise Slaughter who voted for the Bigger-Waters Act, along with Republican colleague, Tom Reed released the following statement:

Rep. Slaughter has voted three times this month to bring up the measure but the majority has blocked the floor voteits unfortunate that common sense measures to help everyday Americans are being held hostage by the House Majority for policy concessions.

Congressman Tom Reeds office did not respond to a request for comment.

 
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