Apr 12, 2015 1:53 PM by News Staff
MINEOLA, N.Y. (AP) - Millions of Americans including many whose homes were damaged by Superstorm Sandy are paying double-digit increases in flood insurance premiums.
Those living with mortgages in high-risk flood regions are paying 18 percent increases under new legislation that went into effect this month. That includes some of the communities that experienced Sandy's wrath in 2012.
A spokesman for the Federal Emergency Management Agency says the legislation is intended to improve the long-term sustainability of the program, which is drowning in a $24 billion sea of red ink.
The new rates are actually a little lower than proposed under legislation passed in 2012. That law had some paying rate increases of 25 percent.
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