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Flood Insurance Premiums To Increase

National Flood Insurance Program
National Flood Insurance Program

Many home owners who live in areas that are threatened with flooding are worried about what may be a significant hike in insurance premiums.

The Federal Emergency Management Agency is trying to reduce $24 billion deficit in the federally run flood insurance program.

The only way to avoid a hike is to move or hope that Congress acts to delay or soften impending rate hikes in the next few days.

Nearly 4 million people could be affected.

Some Hoosiers could see rates go from just under $2,000 annually to $8,000 or more.

Also affecting rates are new topographical surveys that show where flooding might occur.