Durbin, Schumer Push 5-Year Flood Insurance Reprieve

Law360, New York (December 2, 2010, 6:43 PM EST) -- Sens. Chuck Schumer, D-N.Y., and Dick Durbin, D-Ill., have proposed a bill to give property owners in newly designated flood zones five years before they are forced to comply with a federal requirement to buy flood insurance.

The bill, introduced Wednesday, would put a moratorium on the Federal Emergency Management Agency's requirement in communities that have been included in new flood insurance rate maps since Aug. 31, 2008, Durbin said.

After five years, the requirement to purchase flood insurance would be phased in over an additional...
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