It looks like there's a deal in the works that could ease the burden of skyrocketing flood insurance rates for people living in high-risk areas.
Rep. Michael Grimm, whose district covers Staten Island and parts of Brooklyn, says he's announcing plans for a legislative fix that would push back recent rate hikes but still keep the National Flood Insurance Program from from going bankrupt.
On October 1, premiums for flood insurance spiked because of the Biggert-Waters Flood Insurance Reform Act, which now ties rates to risk.
Homeowners in flood zones are required to purchase flood insurance.
Previously, those who lived near the shoreline received subsidies.