Millions facing higher premium rates for flood insurance

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.

Copyright 2015 The Associated Press. All rights reserved.


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