Delaware Residents Facing Flood Insurance Hikes - 47 ABC - Delmarva's Choice

Delaware Residents Facing Flood Insurance Hikes

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ELSMERE, Del. (AP) - Changes to the National Flood Insurance Program are bringing significantly higher premiums for thousands of Delaware property owners.
    
Records obtained by The Associated Press show that of the roughly 25,900 flood insurance policies in effect in Delaware as of December 2012, more than 3,600, or 14 percent, are subsidized by the government and facing rate increases.
    
In an effort to put the debt-laden program on sounder financial footing in 2012, Congress enacted a law aimed at requiring policyholders whose premiums have been subsidized to start paying rates based on the true risk of flooding at their properties.
    
Congress recently changed that law to cap the increases at 18 percent a year for primary residences and multifamily buildings, while premiums for vacation homes and businesses will increase 25 percent annually.


(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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