Municipal leaders fight looming flood insurance rate increase
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.”
More: continued here