New York Mayor Michael Bloomberg has joined other officials in urging Congress to defer looming rate increases under the National Flood Insurance Program. Bloomberg cited a Rand Corp. study indicating that homeowners in the city may see average annual flood insurance premiums increase to as much as $10,000. "We've got to figure out some way to solve the problem of an awful lot of the people who are going to be required under federal law to spend $5,000 to $10,000 a year [and] just don't have the money," Bloomberg said.

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