NAFCU urged U.S. Senate leadership Friday to support efforts todelay the National Flood Insurance Program premium increasesstarting to take effect.

“NAFCU believes such increases should be delayed until at leastsuch time as the Federal Emergency Management Agency (FEMA)completes its affordability impact study and Congress is able toreview the findings,” said NAFCU Vice President of LegislativeAffairs Brad Thaler in a letter to Senate Majority Leader HarryReid (D-Nev.) and Senate Minority Leader Mitch McConnell(R-Ky.).

“Failure to act in this regard could mean that premiums willskyrocket for many Americans struggling in these uncertain times.Furthermore, various local housing markets could face drasticnegative impacts,” he added in the letter.

“Premiums will increase an average of 10% for policies writtenor renewed on or after October 1, 2013,” according to a FEMAdocument outlining the changes. “The premium for a particular policy may changemore or less than the average change.”

Some states have announced that they are joining a lawsuit to fight the rate increases.

A bipartisan group of 24 senators wrote to McConnell and Reid onOct. 10 calling for action on the issue.

“While we continue to work together for a comprehensive andfiscally responsible legislative solution, it is imperative that weprovide immediate rate relief for impacted policyholders, and werequest the inclusion of these provisions in any viable legislativevehicle that may be available,” the letter said.

Thaler said NAFCU is “already hearing reports from our membercredit unions that these impacts are beginning to materialize, soany action on this matter must be timely.”